Bitcoin plunges below US$20,000

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Bitcoin dipped below $20,000 on Saturday (Aug. 27), continuing a decline that has pushed it nearly 60 percent from its year-long high.

Bitcoin, the world’s largest and best-known cryptocurrency, last dropped 1.5 percent on Saturday to US$19,946, down US$298 from the previous close.

It is 58.7 percent lower than the year’s high of $48,234 on March 28.

Ether, the coin linked to the ethereum blockchain network, meanwhile, fell 2.76 percent to $1,467.2 and lost $41.60 from its previous close.

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Bitcoin’s fall comes after a weak day on Friday for the currency, which fell as Wall Street collapsed and all three benchmarks finished more than 3 percent lower.

The weakness in risky assets came after Fed chief Jerome Powell warned against a quick end to the rate cut. The Fed’s move on interest rates has led some investors to forecast more pain for stocks.

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“Bitcoin broke below 20,000 as investors expect a weekend of pessimism from Jackson Hole to plummet sentiment,” OANDA senior market analyst Edward Moya said on Saturday.

“European and Asian central bankers are likely to be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak Sunday night opening,” he added.

Bitcoin was last below $20,000 in mid-July.

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