Bitcoin dips below $20,000

Bitcoin dips below $20,000

(Reuters) - Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin , the world s biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close. It is down 58.7% from the year s high of $48,234 hit on March 28. Ether , the coin linked to the ethereum blockchain network, meanwhile dipped 2.76 % to $1,467.2, losing $41.60 from its previous close. Bitcoin s fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower. The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed s actions on interest rates has caused some investors to forecast more pain for equities. read more