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The hawkish tones of Federal Reserve Chairman Jerome Powell continue to influence the mood of cryptocurrencies with bitcoin falling below the $ 20,000 wall today, testing the lows since mid-July. The price of bitcoin fell as much as 2.3% on Monday to $ 19,527 and then climbed back up to the 20,300 area. Ethereum also performed well in the $ 1,530 area with + 3.5% compared to 24 hours ago.
Powell pointed out in his Jackson Hole speech last Friday that interest rates may need to remain high to eliminate inflation. Powell confirmed the US central bank’s determination to stop inflation, admitting that rising interest rates will be in a way that will cause “some pain” to the US economy.