Bitcoin falls below $20,000

Bitcoin dipped below $20,000 on Saturday, down nearly 60% from its year-high.

Bitcoin, the world's largest and best-known cryptocurrency, last traded down 1.5% at $19,946 on Saturday, down $298 from its previous close. It is down 58.7% from its year-high of $48,234 on March 28. Ether, a coin on the Ethereum blockchain network, fell 2.76% to $1,467.2, down $41.60 from its previous close. Bitcoin's decline follows a weak day for the currency, which declined on Friday as Wall Street fell more than 3%. The weakness in risk assets came after Federal Reserve Chairman Jerome Powell warned against expecting a quick end to interest rate tightening. The Fed's steps on interest rates prompted some investors to predict more pain for stocks. "Bitcoin dipped below 20,000 as investors anticipated a pessimistic weekend from Jackson Hole," OANDA senior market analyst Edward Moya said on Saturday. "European and Asian central bankers are likely to be far more pessimistic than Fed Chair Powell, leading many investors to brace for a weak open on Sunday night," Moya added. Bitcoin last dipped below $20,000 in mid-July.   Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!