Bitcoin fell further on Saturday and was last down around 4% for the day, hovering around the $35,000 level.

Bitcoin, the world's biggest and best-known cryptocurrency, is now at about half its $69,000 peak in November. It was last at $35,049, after falling as low as $34,000, following a steep fall on Friday.

The currency has had wild price swings and has been hit as risk appetite has fallen on inflation fears and anticipation of a more aggressive pace of interest rate hikes from the U.S. Federal Reserve.

Other risk assets have fallen with stocks dropping Friday. The S&P 500 and Nasdaq recorded their biggest weekly percentage drops since the start of the pandemic in March 2020.

In a research note on Friday, Edward Moya, senior market analyst for the Americas at OANDA, said Bitcoin was falling as "crypto traders de-risk portfolios following the bloodbath in stocks" and in advance of next week's Federal Reserve policy meeting.

"Bitcoin remains in the danger zone and if $37,000 breaks, there is not much support until the $30,000 level," Moya wrote on Friday.

Ether, the cryptocurrency linked to the Ethereum blockchain network, dropped 6.7% to $2,396 on Saturday. The Ethereum blockchain network is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code.