Bitcoin is trading below the $20,000 level.
The leading cryptocurrency Bitcoin fell below the $20,000 level, while Ethereum followed BTC and fell below $1,500.
Bitcoin is trading at $19,976, according to data from the cryptocurrency exchange Binance.
ETH, the token of the Ethereum blockchain, is at $1,472 with a 2.3% decline.
Bitcoin and Ethereum Fall
Both cryptocurrencies continue to be in a bearish trend as on Friday.
US stock markets closed the day in red with the S&P 500 losing 3.37% and the Dow Jones Industrial Average (DJIA) losing 3.03% yesterday.
The biggest reason for the decline in both the crypto money sector and the stock markets was the statements of the US Federal Reserve Chairman Jerome Powell that he would continue to increase interest rates to reduce inflation.
Powell said in a statement:
“This restrictive policy stance will likely need to be sustained to restore price stability.
The continuation of the US Federal Reserve’s aggressive interest rate policy continues to affect cryptocurrencies badly. The Fed is expected to continue this policy until the end of 2022.
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