circulate Bitcoin The encrypted currency in Sunday’s trading at levels of 20 thousand dollars, within the scope of the broader decline witnessed by the high-risk markets in Friday’s trading, with the US Federal Reserve confirming its continued orientation towards the path of monetary tightening until it curbed inflation.
The most active cryptocurrency decline in this market has exceeded 7% since Friday as the market followed the path of US stocks, which fell sharply following Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole Forum.
The broader cryptocurrency market slipped on Sunday, as the MVIS cryptocurrency index fell 1%, extending its decline for the fourth consecutive day.
Sissy Lu, CEO of FinLink Partners, said that money is currently fleeing from risky assets, and we see that the cryptocurrency markets followed the sharp decline of the US stock market following Powell’s remarks, as the markets did not receive approval from his comments, which also affected the “crypto” markets.
The $20,000 level acted as a support for Bitcoin when it reached its lowest levels in recent months, but the cryptocurrency has worked its way higher in recent weeks. Before Saturday, it had not reached the level below $20,000 since July 14, and had even surpassed $25,000 earlier in August.
The volatility comes amid uncertainty over the path and magnitude of the Fed’s rate hike, and its impact on riskier assets.
