Bitcoin dips below $20,000, extending second weekly retreat

Cryptocurrencies mirrored global markets and declined after Jerome Powell warned against prematurely loosening policy, with Bitcoin dipping below the bottom end of the narrow range that it has traded in the past two weeks.
“Powell’s admission that there will be pain before there is relief is rather hawkish,” said Josh Olszewicz, head of research at digital asset fund manager Valkyrie Investments.

The largest cryptocurrency by market shed as much as 3.4% to $19,947.32 on Saturday as of 2:40 p.m. in Singapore, dipping below $20,000 for the first time since July 14 and extending its rout this year to 57%. It has traded in a range between that level and about $22,000 for the past week.