Bitcoin fell below $26,000 after Federal Reserve chair Jerome Powell's hawkish tone at Jackson Hole on Friday.
Recent market rally grinds to a haltcame to a halt, with The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite mostly flat on Friday.
A strengthening U.S. dollar index can create headwinds for risk assets. It diminishes the risk-adjusted return associated with bitcoin, making the digital asset less palatable. "It is the Fed's job to bring inflation down to our 2% goal, and we will do so. We have tightened policy significantly over the past year, although inflation has moved down from its peak, a welcome development, it still remains too high," he added.
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