Bitcoin posted its biggest drop since the turmoil that gripped global markets in early August, part of a wider retreat in crypto prices that included a sharp fall in second-ranked token Ether.
The largest digital asset shed more than 6% at one point, the steepest slide since the Aug 5 plunge, before retracing some of the weakness to change hands at US$59,400 ($77,316.82) as of 7.02am on Wednesday in Singapore.
Ether at one point lost more than 7% before paring a part of the wobble to trade at about US$2,463.
Major tokens are unwinding the lift they received last week from US Federal Reserve Chair Jerome Powell’s clearest indication yet that the central bank is on course to cut benchmark interest rates from a more than two-decade high.
Chart: Bloomberg
