Bitcoin, the largest cryptocurrency by market capitalization, fell 3.4% to $19,947.32 on Saturday, dropping below $20,000 for the first time since July 14, widening the year-to-date drop to 57%. Last week, Bitcoin traded in a range of $19,950 to $22,000.
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In turn, Ethereum fell 5.5% to $1471.41. Solana and Avalanche fell the most, with prices down 6.4% and 6.9%, respectively.
Thus, bitcoin, along with other cryptocurrencies, repeated the fall of global stock markets in response to the statement of Jerome Powell, who warned once morest premature easing of monetary policy. Speaking at the Jackson Hole annual economic symposium of the Federal Reserve Bank of Kansas City, Powell said the Fed must continue to raise its benchmark interest rate to curb inflation.
However, some analysts argue that the current situation opens up opportunities for buying cryptocurrency. For example, Mark Newton, technical strategist at Fundstrat, indicated in a note to investors that Friday’s drop is negative in the short term but suggests a buying opportunity in early September. “as cycles remain bullish and suggest higher prices in November 2022.”
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