Bitcoin fell below $20,000 over the weekend – and continues to move below that level today – following a “hawkish” speech by US Federal Reserve (Fed) Chairman Jerome Powell on Friday, in which warned that interest rates would continue to rise in order to rein in inflation.
Bitcoin fell about 8% after Powell’s remarks on Friday at the Fed’s Jackson Hole conference, slipping to $19,544 at one point on Sunday, according to CoinDesk data. Right now, according to investing.com, Bitcoin is down 1.08% in the last 24 hours and is trading at $19,782.8.
In Friday’s speech, Powell said the Fed will continue to raise interest rates until inflation is under control, and that will likely “cause some pain to households and businesses.” The Fed is “targeting right now to bring inflation back to our 2% target,” he noted.
Bitcoin had not fallen below $20,000 in about a month and had reached as high as $25,199 on August 15. Cryptocurrency prices have taken a dive this year as the Fed steadily raises interest rates. Bitcoin is down 57% year-to-date.
Source: Capital
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