ISTANBUL

Bitcoin dropped more than 5.2% in a week as investors await Fed Chairman Jerome Powell's remarks at the Jackson Hole Economic Policy Symposium for potential clues about the monetary policy path ahead.

The price of bitcoin was at around $112,976 as of 0900GMT.

The total value of the largest cryptocurrency was at $2.24 trillion, while the daily trading volume stood at $59.17 billion, down 8.1% in the last 24 hours.

According to data from analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, fell around 8.3% over in the last week, reaching $3.84 trillion.

Bitcoin reached all-time highs in early August, fueled by the lower-than-expected US inflation data, before falling to $112,000 levels

The price of Ethereum, the second-largest cryptocurrency by market capitalization, dropped around 7% in value in the last week, down to $4,325.

The Jackson Hole symposium, hosted by the Fed's Kansas City branch and held annually since 1978, is taking place this year from Aug. 21-23.

Central bankers, economists, financial market participants, academics and government representatives gather in Jackson Hole, Wyoming to discuss important economic issues and long-term policy challenges and exchange views on these topics.

Recognized as one of the longest-running and most influential central banking conferences in the world, the symposium, with a history spanning almost half a century, will once again serve as an important platform for discussing global economic and policy issues this year.

As labor markets undergo structural changes due to developments such as declining birth rates, an aging workforce, reduced labor mobility and the widespread adoption of artificial intelligence, participants at the symposium will address questions such as how these factors will affect labor markets in the coming years and how they will interact with fiscal and monetary policies.

As part of the symposium, Powell will deliver a speech Friday on the economic outlook and the review of the monetary policy framework.

His remarks ahead of the next meeting of the Fed's Federal Open Market Committee (FOMC) on Sept. 16-17 will be closely watched for clues about the future of monetary policy.