Cryptos drop more than 8%
Bitcoin (BTC) and Ether (ETH) continued to decline on Friday, following a sharp drop in their value marked earlier in the day, when the largest cryptocurrency fell below $22,000 and reached its lowest value in the last three weeks.
The day was also marked by a decline in spot gold and silver prices, as well as the US oil futures after the United States had previously published its minutes from Federal Open Market Committee (FOMC) July meeting. Meanwhile, another thing that may have contributed to the Ether's drop in value is the fact that the transition to its new proof-of-stake (PoS) model is getting closer as it is scheduled for mid-September this year.
Bitcoin fell by 8.48% at 5:12 pm ET, selling for $21,236.312, while Ether dropped 8.75% to go for $1,684.46 at the same time.