Bitcoin fell 3% to $56,000 on Friday amid concerns over a U.S. economic slowdown and heightened market anxiety before the August employment data release. Market analysts are predicting further volatility.
A Bitfinex report forecasts a possible 20% drop in Bitcoin's price to $40,000 if the Federal Reserve raises interest rates by 50 basis points this month.
The crypto market is bracing for significant turbulence and uncertainty in the near term.
