Bitcoin continued to lose ground after hawkish remarks from Federal Reserve Chair Jerome Powell dampened expectations for another interest-rate cut this year.

The largest cryptocurrency fell as much as 3.1% to below $108,000 before trimming losses on Thursday. The retreat followed the Fed’s widely expected decision to lower its benchmark rate by a quarter percentage point to 3.75%-4% on Wednesday — its second straight reduction — while Powell cautioned investors against assuming further cuts would follow.