Bitcoin hovers around $20k as Fed chief's hawkish comments weigh on crypto

Bitcoin is seeing sustained trading below $20,000 for the first time since mid-July, as risk appetite wavers after Federal Reserve Chair Jerome Powell stressed that interest rates may have to stay elevated to stamp out inflation. 

The largest token fell as much as 2.3% on Monday to $19,527, the fifth day of declines. While Bitcoin had briefly dipped below $20,000 during the days following Powell’s speech Friday at the Jackson Hole conference, it had quickly rebounded to trade at around that key level. Equities also slumped across Asia and Europe, along with US futures. 

“Money is flowing out of risky