Bitcoin fell below $20,000 over the weekend and remains below that mark on Monday after US Federal Reserve Chairman Jerome Powell made comments during the annual economic symposium at Jackson Hole on Friday.
The bitcoin exchange rate at 15:00 TC on Monday fell by 0.9% and amounted to $19,812 thousand.
The Fed will continue to raise the key rate until inflation is under control, and this is likely to “cause some pain for households and businesses,” Powell said.
Such “hawkish” statements also had a negative impact on the US stock market. The Dow Jones Industrial Average plunged the most since May on Friday.
The price of bitcoin did not fall below $20K for about a month and rose to $25,199K in mid-August. Since the beginning of the year, the value of the cryptocurrency has collapsed by 57% amid tightening monetary policy in the world, which could cause a recession.
The price of Ethereum, another popular crypto-currency, is down 2.35% on Monday to around $1,449k. Ethereum has dropped 60% since the start of the year.
