Bitcoin plummeted to nearly 19 thousand, ETH to 1.4 thousand dollars

During the week the decline was 10%. Significant losses in the markets occurred after the statement of U.S. Federal Reserve Chairman Jerome Powell on Friday. Cryptocurrency market volatility and a negative economic outlook from the U.S. Federal Reserve undermine investor confidence.

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Bitcoin plummeted to nearly 19 thousand, ETH to 1.4 thousand dollars

As of this writing, bitcoin is at $19,640, down nearly 10 percent from a week earlier. Ethereum is down even more, to $1,430. Bitcoin's price of $20,000 has long been seen as a level of support for the currency that allows it to recover some value and stabilize.

Speaking at the annual economic symposium, U.S. Federal Reserve Chairman Jerome Powell indicated that the U.S. central bank intends to maintain a hawkish approach to lowering inflation.

Bitcoin collapsed to nearly $19,000, ether to $1,400. Powell warned that an "extended period" of lower growth due to anti-inflationary measures with interest rates will hinder growth "for a while." The U.S. Federal Reserve seems wary of repeating its mistakes of the 1970s, when it failed to curb inflation and worsened the economic downturn.

As for bitcoin, several prominent investors expect the cryptocurrency to return to above $22,000, although others admit that bitcoin could fall to $16,000.

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