Bitcoin briefly drops below $20,000

“Bitcoin weakened after Fed Chair Powell didn’t blink with his reiteration that the Fed will tighten policy to bring down inflation,”

Bitcoin declined more than 3% last week for its third negative week in four.


The cryptocurrency is down over 50% this year and remains 70% off of its all-time high price of $68,990.90 hit in November.

The crypto market has been plagued by a number of issues including the collapse of algorithmic stablecoin terraUSD

Other major digital tokens also sold off, with ether falling to $1,423, its lowest level in a month

The Bitcoin network (with an upper-case “B”) was launched in January 2009 by an anonymous computer programmer or group of programmers under the pseudonym “Satoshi Nakamoto.”