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Bitcoin Hovers Around $20,000 as Hawkish Fed Weighs on Crypto

  • Crypto has followed sharp adjustment of US stocks after Powell
  • Strategists see June low of around $17,600 as key defense area
Bloomberg business news
Bitcoin Stuck at $20,000 After Hawkish Fed
Updated on

Bitcoin traded in a narrow band around $20,000, with investors less willing to take big risks after Federal Reserve Chair Jerome Powell reiterated the central bank’s commitment to keep raising rates in the fight against inflation. 

The largest token rose as much as 2% on Monday to $20,412 after trading below that key round-number threshold over the weekend. Other cryptocurrenices were mixed. Equities -- which plunged on Friday in the wake of Powell’s remarks -- extended declines, with the Nasdaq Composite index shedding 0.7% as of 2:20 p.m. in New York.