Traders were selling ahead of the possibility that Fed Chair Jerome Powell's highly anticipated speech Friday could disappoint investor hopes for a signal that interest rate cuts are coming.

Bitcoin and Ethereum are under strain ahead of today’s widely watched Jackson Hole speech by Federal Reserve Chair Jerome Powell. At present, Bitcoin is priced at $112,517.20, down 5.4% this week, while Ethereum is down 7.4% to $4,296.05. XRP is also showing weakness, down almost 9% over the same time.

Digital assets are losing ground as traders brace for Federal Reserve Chair Jerome Powell’s closely watched address at the Jackson Hole Symposium on Friday.