Bitcoin price #bitcoin today: remains at $113,600 #dolar while uncertainty grows over rate cuts before Powell

Investing.com- Bitcoin experienced little activity in its price this Friday, stabilizing after suffering sharp declines during the week, as risk appetite was affected by increasing doubts about interest rate cuts in the U.S., ahead of an anticipated speech by Federal Reserve Chairman Jerome Powell.

The largest cryptocurrency in the world accumulated a drop of almost 3% this week, hit by a wave of profit-taking after reaching historic highs in early August. Cryptocurrency prices in general also showed moderate performance and were heading towards weekly declines.

Cryptocurrency markets received little support from a report indicating that China was considering developing state-backed stablecoins based on the yuan to boost trade in its currency. The country effectively banned all cryptocurrency trading in 2021.

Bitcoin remained virtually unchanged at $113,630.0 at 16:01 local time.