Bitcoin's price trades below $20,000

Quick Take

  • The price of bitcoin experienced continued weakness on Saturday, trading below $20,000.
  • Ether traced downward as well, falling below the $1,500 mark.
  • Saturday’s performance followed a downward trading day on Friday when traditional equities markets also saw losses.

Bitcoin traded below $20,000 on Saturday while the price of ether slipped beneath $1,500 amid a continued period of market weakness.

As of press time, bitcoin is trading at approximately $19,975 on Coinbase, down about 1.3% according to TradingView data.

Ether, the native asset of the Ethereum network, is at $1,472, a decline of roughly 2.3% on the day. 

Source: TradingView

The price weakness for both crypto assets — the two biggest in terms of market capitalization — follows similar moves on Friday, as The Block previously reported.

On Friday, American equities markets closed in the red, with the S&P 500 falling 3.37% and the Dow Jones Industrial Average (DJIA) closing down 3.03%.

Those declines appeared to be triggered by remarks from US Federal Reserve chair Jerome Powell, who indicated Friday that the Fed would continue to raise interest rates in an effort to tamp down on inflation.

“Restoring price stability will likely require maintaining a restrictive policy stance for some time,” Powell said. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.