Bitcoin fell for a second day on Friday, at one point dropping to the lowest level in more than six weeks as the token continues to unwind some of its 2023 rebound.

The largest digital asset fell as much as 1.6% and was trading at $26,690 as of 11:27 a.m. in Singapore. Second-ranked Ether and a gauge of the top 100 tokens declined by a similar magnitude.

A drop in liquidity, congestion on the Bitcoin blockchain and a US regulatory crackdown have sapped sentiment in the crypto sector.

The token’s once strong correlation with stocks has all but disappeared, a possible sign of the diminished influence of macroeconomic drivers on digital assets compared with the rest of global markets.