“Panic effect” sinks cryptocurrencies

Earlier in the week, cryptocurrencies fell following the stock market after U.S. Federal Reserve Chairman Jerome Powell spoke at a symposium in Jackson Hole on Friday.

Bitcoin is trading below $20,000, the level from which it fell over the weekend after Friday’s “panic effect” on Wall Street.

Bitcoin hasn’t fallen below $20,000 in about a month and reached $25,199 as of Aug. 15. Overall, bitcoin has lost 57% of its value this year.

Another popular cryptocurrency, Etherium, has lost 60% this year.

As Javier Molina, a representative of eToro in Spain, explained, from a technical point of view, support for BTC is first at $19,300, then $18,600 and then at the key low of $17,500. And until the levels of $20,600 and then $21,600 are restored, we will not see an attempt to reach $24k.