Bitcoin Ethereum Extend Losses to dollar20 230 and dollar1,500
Categories: Crypto News
Bitcoin, EthereumExtend Losses to $20,230 and $1,500
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Followingthe hawkish statement of Jerome Powell, head of the US Fed Reserve, during theannual central banking summit that occurred n Wyomings Jackson Hole on Friday,August 26, stock markets along with cryptocurrencies began to slump.
The chairmanof the Fed Reserve said that the US central bank will have to maintain itsaggressive stance for some time, thus keeping traders' hopes up any time soon.Bitcoin, gold's traditional rival also went down, according to data presentedby the sentiment data aggregator - Gold, the S&P 500, Bitcoin, Ethereum andother digital currencies fell sharply.
On Friday,the flagship cryptocurrency dropped from slightly above $21,000, hitting the$20,200 zone by now. In the past 24 hours, BTC has declined by over 5 percent.Ethereum fell from the $1,686 level, trading in the $1,506 zone at press timeand losing 9 percent over the past 24 hours.
Ethereum'sRecent Price Action Ethereum has been demonstrating a price decline over thepast week, slipping down ahead of the Fed Reserve Chair's speech. Many believe that theimplementation of this long-expected upgrade may also act as a driver forselling ETH, even if the upcoming merger will switch the second largest blockchainfrom PoW to PoS protocols.