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Bitcoin BTC/USD, which fell over 6% on Friday amid the sell-off triggered by Fed chair Jerome Powell’s Jackson Hole address, has broken below the psychological level of $20,000.
At the time of going to press, Bitcoin was seen trading down 4.18% to $19,930.53.
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After bottoming in mid-June, along with the rest of the financial markets, Bitcoin completed a triple-bottom in mid-July. Subsequently, the apex currency began to stage a modest recovery, raising hopes of a strong comeback.
But that was not to be. Powell’s speech at the Fed’s annual symposium in Jackson Hole telegraphed a hawkish message. The markets swooned in reaction to fears that the central bank is not yet done with its aggressive rate hikes.
See also: What is Bitcoin
Bitcoin previously violated the $20,000 level on July 14. Ahead of that, the crypto touched a trough of $18,729.66 on June 30, which marked the lowest level since the $17,619.53 level reached on Dec. 11, 2020.
Looking ahead, the near term does not appear bright. Given the uncertainty surrounding inflation and interest rates, the financial markets are expected to remain volatile.
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Image and article originally from www.benzinga.com. Read the original article here.