As a result of Federal Reserve Chair, Jerome Powell’s comments that the U.S. central bank may continue hiking interest rates, the price of Bitcoin dropped significantly this morning to $20K.
Following Powell’s remarks, the remainder of the crypto market was also down. The price of Ethereum, the second-largest digital asset, is currently about $1,500, down 10% in the last day.
According to CoinGecko data, the total value of the cryptocurrency market was $978 billion, a 4% 24-hour decline. market worth dropped by around $70 billion.
Bitcoin Drops To Lowest Level In Over A Month, Crypto Market Loses $70 Billion
Early Friday at the central bank’s Economic Symposium, the price of the leading cryptocurrency fell to its lowest level in more than a month due to the tightening of monetary policy.
As investors awaited Powell’s eagerly anticipated speech in Jackson Hole, Wyoming, the biggest cryptocurrency by market capitalization fell as low as $20,180, down more than 4% over the previous day.