PANews reported on August 20th that Bitcoin rebounded slightly, but remained generally low, having fallen to a two-and-a-half-week low the previous night. LMAX Group strategist Joel Kruger stated in a report that Bitcoin has been in "correction mode" since reaching a record high last week. He noted that this was primarily due to higher-than-expected US wholesale inflation data, which weakened market expectations for a Federal Reserve rate cut. Kruger also suggested that some of the sell-off may be related to profit-taking by short-term accounts, as well as the US Treasury Secretary's recent statement that the strategic Bitcoin reserve will not be expanded through new purchases.