Cryptocurrency bitcoin touched the $20,000 level on Sunday after a severe downturn in the cryptocurrency market caused by fears that the US Federal Reserve would raise interest rates.
The currency locked in at $20.38 tonight, up 1.30% after I touched $19,823 earlier, according to data from CoinDesk.
This comes after a two-day 7.6% decline moving in line with US equities 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 in recent weeks to hit $25,000, according to the company. Bloomberg agency..
The volatility came amid uncertainty over the path and extent of the Fed’s rate hike, as well as its impact on riskier assets such as bitcoin and equities.
Source: Sputnik + media