Bitcoin Sinks, Now Below $20,000

Bitcoin dipped below $20,000 on Saturday, Aug. 27, 2022, continuing a drop that has taken it down nearly 60% from its year high, Reuters reported.

Photo Insert: Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower.

Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close. It is down 58.7% from the year's high of $48,234 hit on March 28.

Ether, the coin linked to the ethereum blockchain network, meanwhile dipped 2.76 % to $1,467.2, losing $41.60 from its previous close.

Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower.

The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities.

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