Bitcoin Hits One-Week Low as Boost From Powell’s Signal Unravels

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 $59,375 as of 6:17 a.m. on Wednesday in London. Ether at one point lost more than 7% before paring a part of the wobble to trade at about $2,478.