Bitcoin dropped below $116,000 on Monday. It experienced a sharp get dumped from the record levels of last week. The decline in expectations for the Federal Reserve's aggressive rebate and increasing geopolitical risks negatively affected investors' risk appetite.

The world's largest cryptocurrency is trading at $115,664.5, down 2% as of 08:58 Turkey time.

Last week it had reached a record level of over 124,000 dollars. However, the higher-than-expected U.S. producer price data revived inflation concerns triggered by tariffs. This situation caused Bitcoin to pull back.

Other cryptocurrencies also experienced a get dumped on Monday. Ether moved even further away from record levels.