Bitcoin Dives Below $20,000

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:Bitcoin dipped below $20,000 on Saturday, continuing a decline that saw it fall nearly 60 percent from its annual high.

Bitcoin, the world’s largest and best-known cryptocurrency, last dropped 1.5 percent on Saturday to $19,946, down $298 from its previous close.

It is 58.7 percent lower than the all-time high of $48,234 on March 28.

Ether, the coin pegged to the ethereum blockchain network, meanwhile fell 2.76 percent to $1,467.2 and lost $41.60 from its previous close.

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Bitcoin’s fall comes after a weak day on Friday for the currency, which fell as Wall Street collapsed and all three benchmarks finished more than 3 percent lower.

The weakness in risky assets came after Fed chief Jerome Powell warned against a quick end to the rate cut. The Fed’s move on interest rates has led some investors to forecast more pain for stocks.

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Bitcoin was last below $20,000 in mid-July.

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