On Saturday, Bitcoin fell below $20,000, continuing a decline that has seen it decline by roughly 60% from its year-high.
The largest and most well-known cryptocurrency in the world, Bitcoin, was last down 1.5% on Saturday at $19,946, down $298 from its previous closing.
It has decreased by 58.7% since the year’s peak of $48,234 on March 28.
The ethereum blockchain network’s native currency, ether, dropped 2.76% to $1,467.2, losing $41.60 from its previous closing.
The decline in Bitcoin comes after a difficult day for the currency on Friday, when all three benchmarks on Wall Street ended the day more than 3% lower.
Risk asset prices declined after Federal Reserve Chairman Jerome Powell warned against anticipating a quick stop to the Fed’s rate tightening. Some investors have predicted further losses for stocks as a result of the Fed’s interest rate decisions.
According to Edward Moya, senior market analyst at OANDA, “Bitcoin dipped below 20,000 as investors predict a weekend full of gloom from Jackson Hole to pull down sentiment.”
Many traders are preparing for a weak open on Sunday night because European and Asian central bankers are likely to be far more gloomy than Fed Chair Powell, he continued.
Midway through July, Bitcoin last fell below $20,000.