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Bitcoin Drops Below $20,000 as Risk-On Optimism Fades Again

  • Cryptocurrencies fell as Powell signals more rate increases
  • Latest tumble extends Bitcoin’s rout back to to 57% this year
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Cryptocurrencies extended losses into the weekend after Jerome Powell warned against prematurely loosening policy, with Bitcoin dipping below the bottom end of the narrow range that it has traded in the past two weeks.

“Powell’s admission that there will be pain before there is relief is rather hawkish,” said Josh Olszewicz, head of research at digital asset fund manager Valkyrie Investments.