Meta Bitcoin Cracks Below $20,000 After Powell Speech | Cryptocurrency Crash | ET Now

Bitcoin fell below $20,000 for the first time since July after US Fed chairman's Jerome Powell's speech at Jackson Hole. Bitcoin has fallen by more than 19 percent since August 15 highs where it was above $25,000 mark. The global crypto market capitalization has fallen by 2% in the last 24 hours going below the $1 trillion mark. Bitcoin, Ethereum and Binance fell between 7-10 percent over the last seven days. Jerome Powell sounded hawkish and hinted at continued tightening. No signs of deceleration in pace of rate hikes in immediate term are expected. Risk on sentiment has increased on concerns of the upcoming global recession. #cryptocurrency #globalrecession #bitcoin