Bitcoin falls to $29K again in weak trading

Bitcoin fell below $29,000 on Friday as cryptocurrencies continue weak trading.

The world's biggest crypto by market cap fell to as low as $28,800 at 2 p.m. EDT. It was trading around $29,260 at 5.50 p.m. for a daily loss of 3.4%.

Ethereum, the world's largest altcoin, was at $1,964 for a daily decline of 2.5%.

The total value of the crypto market stood at $1.25 trillion for a loss of 2.5%.

The crypto market lost almost half of its value during the last six weeks as most of the losses came during the past two weeks after the US Federal Reserve increased interest rates by 50 basis points May 4 and signaled more hikes in June and July.