Bitcoin Price Drops as Much as 8.3%, Part of Broad Crypto Selloff

Cryptocurrencies suffered a bout of weakness on Friday that saw Bitcoin price slide more than 8% at one point.

After Bitcoin dropped by 8% on Friday, all cryptocurrencies suffered a decline.  (REUTERS)

Cryptocurrencies suffered a bout of weakness on Friday that saw Bitcoin slide more than 8% at one point.

The largest digital token pared some of the losses and was hovering at around $22,000 as of 7:45 a.m. in London, down about 6%.

Ether and smaller virtual coins suffered sharper declines, including plunges that exceeded 10% in Avalanche, Cardano and Solana.

The drop comes amid a cautious mood in global markets ahead of the Federal Reserve's annual symposium in Jackson Hole, Wyoming next week.

Traders will pour over Fed Chair Jerome Powell's comments at the symposium for clues about the pace of future interest-rate hikes.

There's already speculation he may lean against a recent loosening in financial conditions that's spurred financial markets in recent weeks.