Bitcoin and ether slipped more than 2% at 8:30 a.m. ET, tracking traditional markets lower, spooked by unrest in China over protests against Covid-19 restrictions.
Bitcoin was lower but trading above $16,100, while ether also slipped, down to about $1,170, according to CoinGecko.
People have taken to the streets in a number of Chinese cities to protest against the government after a house fire in Xinjiang killed 10. Citizens are blaming Covid restrictions for a delay in responding to the blaze.
U.S. equity futures are lower on the news. Coinbase dropped more than 2% in pre-market trading alongside Silvergate, which fell nearly 5%, and Block, down 1.5%.
Markets will be watching for indications of future rate increases as St. Louis Fed President James Bullard and New York Fed President John Williams speak later today.
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Source: https://www.theblock.co/post/190258/bitcoin-ether-track-traditional-markets-lower-amid-china-covid-restrictions-unrest?utm_source=rss&utm_medium=rss