Cryptocurrencies Falling Sharply, Bitcoin Down 7%, Ether Down 9%, In 5 Days

The crypto market is showing a downward trend in the past two days significantly. On August 27, till 6.00 pm UTC, Bitcoin fell by 1.11%, and was quoted at US$ 19,984.10, in the intra day trading. Yesterday, Bitcoin closed at US$ 20,209. In the last 5 days, Bitcoin fell by 6.61%, and in the past 1 month, it has dropped by around 12.92%. Importantly, in the past 6 months, Bitcoin has dropped by 47.01%. As Fed Chair Jerome Powell, yesterday at the annual Jackson Hole Symposium said that they will continue its restrictive policy measures, Bitcoin tumbled significantly. On rate increase, he said, "Our decision at the September meeting will depend on the totality of the incoming data and the evolving outlook. At some point, as the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases."

Other cryptos are mostly showing a similar trend. Ethereum was quoted at US$ 1,473.17, down by 2.03%. Yesterday, Ether closed at US$ 1,503.62. Litecoin was quoted at US$ 52.76, up by 0.36%, Dogecoin was quoted at US$ 0.0629 down by 0.92%, and Cardano was quoted at US$ 0.4431 up by 2.87% today, till last traded.

Commenting on the sharp fall in Bitcoin price, Dawn in a recent report said, "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 have caused some investors to forecast more pain for equities. Bitcoin was last below $20,000 in mid-July."