Bitcoin drops below $20,000 over concerns on Fed rate hikes
SMACIN GRACEFULL TEAM Bitcoin drops below $20,000 over concerns on Fed rate hikes The volatility has come amid uncertainty about the path and magnitude of Fed rate hikes & effect on riskier assets. ADVERTISEMENT Bitcoin extended its drop below $20,000 on Monday as part of a wider cryptocurrency-market retreat, amid concern about the Federal Reserve’s rate-hike path. ADVERTISEMENT The largest token fell as much as 2.3% on Monday to $19,527. That’s on course for a fifth straight day of declines, coming after US stocks fell on Friday following Fed Chair Jerome Powell’s speech at the Jackson Hole conference. The wider crypto market retreated Monday, with the MVIS CryptoCompare Digital Assets 100 Index dropping as much as 2.5%. ADVERTISEMENT “Money is flowing out of risky assets. Crypto followed the sharp adjustment of the U.S. stock market” af