Bitcoin, ether track traditional markets lower amid China Covid restrictions, unrest

Bitcoin and ether slipped more than 2% at 8:30 a.m. ET, tracking traditional markets lower, spooked by unrest in China over protests against Covid-19 restrictions.

Bitcoin was lower but trading above $16,100, while ether also slipped, down to about $1,170, according to CoinGecko.

People have taken to the streets in a number of Chinese cities to protest against the government after a house fire in Xinjiang killed 10. Citizens are blaming Covid restrictions for a delay in responding to the blaze.

U.S. equity futures are lower on the news. Coinbase dropped more than 2% in pre-market trading alongside Silvergate, which fell nearly 5%, and Block, down 1.5%.

Markets will be watching for indications of future rate increases as St. Louis Fed President James Bullard and New York Fed President John Williams speak later today.