Cryptocurrency Bitcoin hit $20,000 on Sunday after a major drop in the cryptocurrency market, fueled by fears that the US Federal Reserve will raise interest rates.
The currency locked in at $20.38 tonight, up 1.30% after I touched $19,823 earlier, according to data from the CoinDesk website.
This comes after a two-day 7.6% decline moving in line with US stocks on Friday following Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole conference. The $20,000 level is seen as a support barrier for Bitcoin as it hit its lowest level in months, but the cryptocurrency has surged higher in recent weeks to hit $25,000, according to Bloomberg.
The volatility came amid uncertainty over the path and extent of the Fed’s rate hike, as well as its impact on riskier assets like bitcoin and equities.
Source: El Iktisad
