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Bitcoin Falls Lower Than $20,000

Bitcoin Falls Lower Than $20,000
Bitcoin fell below $20,000 on Saturday, extending a fall of nearly 60 per cent from its high point this year. Bitcoin, the most valuable and well-known cryptocurrency of the world, was lower by 1.5 per cent at $19,946 on Saturday, compared to the value of $298 when it last closed. 
It has dropped 58.7 per cent since the year's high of $48,234 on March 28.
Meanwhile, ethereum, the coin linked to the ethereum blockchain network, fell 2.76 per cent to $1,467.2, losing $41.60 from its previous close.
Bitcoin's decline follows a poor day for the currency on Friday, when Wall Street fell, with all three benchmarks ending more than 3 per cent lower.
The drop in risk assets came after Federal Reserve Chairman Jerome Powell warned against expecting a quick end to the Fed's rate hikes.
Some investors are predicting more pain for equities as a result of the Fed's interest rate actions.
"Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday.
"European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added.
Bitcoin fell below $20,000 the last time in mid-July.

Christopher J. Mitchell

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