After Federal Reserve Chairman Powell released the hawkish "chill" at the annual meeting of the central bank last Friday, the Cryptocurrency market fell sharply along with the US stock market.Bitcoin fell by about 8% last Friday and briefly dropped to $19684 last Sunday
After Federal Reserve Chairman Powell released the hawkish "chill" at the annual meeting of the central bank last Friday, the Cryptocurrency market fell sharply along with the US stock market.
Bitcoin fell by about 8% last Friday and briefly dropped to $19684 last Sunday. On Monday, Bitcoin continued to hover at a level below $20000, and as of press release, Bitcoin rose 1.4% to $19845 per piece.
Prior to this sharp decline, Bitcoin had continued to rise in recent weeks, never falling below $20000 since July 14th, and even exceeding $25000 in early August.
Since this year, with the steady increase of interest rates by the Federal Reserve, the price of Cryptocurrency has fallen, and Bitcoin has fallen by 58% so far this year. Under the uncertainty of the Federal Reserve's interest rate hike path and magnitude, high-risk assets have experienced significant fluctuations.
CiciLu, CEO of consulting firm VennLinkPartners, stated:
Funds are flowing out of risky assets. After Powell's speech, Cryptocurrency sharply adjusted with the US stock market. The market doesn't like his speech, and Bitcoin is returning to high beta assets.
Many strategists believe that $20000 is a key support level for Bitcoin, but the level of support may also be lower.
According to Katie Stockton of independent research provider FairleadStrategies,The long-term support level for Bitcoin is between $18300 and $19500.And Mark Newton, a strategist at the encryption research firm FundstratGlobalAdvisors, will focus on key areas19000175006
Ethereum, the second largest Cryptocurrency, fell by about 9% after Powell's speech, and has fallen by 60% since this year. As of Monday, it has risen 1.5% to $1451.7 per piece.
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