The cryptocurrency experienced a wave of weakness on Friday that saw the Bitcoin price slip more than 8% at one point.
Cryptocurrencies experienced a wave of weakness on Friday saw Bitcoin slip more than 8% at one the point.
The largest digital token covered some of the losses and hovered around $22,000 as of 7:45 a.m. ET. Londondecreased by about 6%.
Ether and smaller cryptocurrencies suffered sharper declines, including declines in excess of 10% in Avalanche, Cardano and Solana.
The drop came amid a cautious mood in global markets ahead of the Federal Reserve’s annual symposium in Jackson Hole, Wyoming next week.
Traders will be flocking to Fed Chair Jerome Powell’s comments at the symposium for clues on the pace of future rate hikes.
There has been speculation that he could count on the recent easing of financial conditions that has boosted financial markets in recent weeks.
