Bitcoin dropped to its lowest point in over a week as caution spread due to hawkish remarks made by Federal Reserve officials and additional indications of an aggressive US regulatory crackdown.

As of 7:55 a.m. on Friday in Singapore, the largest digital coin had fallen as much as 4.2% and was trading below $24,000. Ether, Polkadot, and Avalanche, which are smaller tokens, also decreased in value.

The Securities and Exchange Commission filed a lawsuit against TerraUSD in the most recent US regulatory action. A stablecoin called TerraUSD went bankrupt last year, sparking an industry-wide crisis and a slew of high-profile bankruptcies.

Two of the Federal Reserve’s most hawkish policymakers have hinted that they may eventually support going back to larger interest rate increases. The remarks reduced risk taking on international markets and increased Treasury yields.

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