06:44 AM EDT, 08/28/2024 (MT Newswires) -- The price of bitcoin fell over 4% in the past 24 hours and was trading at around $59,933 in early action on Wednesday.

US bitcoin exchange-traded funds combined saw $127 million outflows on Tuesday, according to data compiled by Farside Investors.

Ether, the second-largest cryptocurrency by market capitalization, also fell over 5% in the past 24 hours and was trading at $2,520.

Bloomberg reported on Wednesday that major cryptocurrencies are losing the boost they gained last week after Federal Reserve Chair Jerome Powell signaled that the central bank is likely to reduce benchmark interest rates.

Price: 5.28, Change: -0.23, Percent Change: -4.17