Weekly Wrap: Bitcoin Holds Onto Gains

Bitcoin (CRYPTO: $BTC) and other cryptocurrencies appeared to be holding onto their recent gains despite being under pressure to end the trading week on Aug. 28.

In late afternoon trading, Bitcoin was down 3% and trading at $77,500 U.S. as stocks and digital assets declined following comments by U.S. Federal Reserve Chair Kevin Warsh that he is committed to lowering inflation. Other cryptocurrencies were also falling on the day, with Ethereum's (CRYPTO: $ETH) price also down 3% to $2,430 U.S. 

The Friday decline comes after Bitcoin and other digital assets held up well throughout the week, managing to hold the gains achieved from a massive rally over the past 10 days that saw Bitcoin's price climb 25% higher and Ethereum increase more than 30%. Throughout the past week, BTC traded right around $80,000 U.S. and briefly rose above that level several times. 

Crypto prices have rallied amid growing concerns about the U.S. fiscal situation after America's debt hit $40 trillion U.S. Treasury yields, which influence borrowing costs across the economy, have risen to their highest level in nearly 20 years, causing gyrations in the stock market and sending investors back into crypto and other assets viewed as a store of value such as gold.