Bitcoin is currently priced at Rs 48,11,002 and its dominance is currently 47.01 percent, up 0.19 percent on the day. Bitcoin fell below $20,000 on Saturday, continuing a decline that has knocked it nearly 60% off its one-year high. Bitcoin, the world’s largest and best-known cryptocurrency, last fell 1.5 percent to $19,946 on Saturday, down $298 from its previous close. That’s down 58.7 percent from its annual high of $48,234 on March 28. Meanwhile, Ether, a coin linked to the ethereum blockchain network, fell 2.76 percent 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 and all three benchmarks ended more than 3 percent lower. The weakness in risk assets came after Federal Reserve Chairman Jerome Powell warned against expecting a quick end to rate tightening. The Fed’s moves on interest rates have some investors predicting more pain for stocks. “Bitcoin slipped below 20,000 as investors expect a pessimistic weekend from Jackson Hole to drag down sentiment,” Edward Moya, chief market analyst at OANDA, said on Saturday. “European and Asian central bankers are likely to be much more pessimistic than Fed Chair Powell, which is why many traders are bracing for a weak opening on Sunday evening,” he added. Bitcoin was last below $20,000 in mid-July.
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