Following Powell's hawkish comments, bitcoin falls below $20,000.

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Bitcoin fell below $20,000 over the weekend as Fed Chairman Jerome Powell indicated interest rates will rise.

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Bitcoin BTCUSD, -0.93% plunged 8% after Powell's speech Friday in Jackson Hole, Wyo. It fell below $20K Sunday evening after teasing that level on Saturday.

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Powell said the Fed will keep raising rates until inflation is under control, which will "hurt consumers and companies."

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He stated that the Fed's "overarching focus right now is to bring inflation back down to our 2% target."

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The stock market fell after Powell's speech, with the Dow Jones Industrial Average DJIA, -3.03% falling more than 1,000 points, or 3%.

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Bitcoin has not dipped below $20,000 in almost a month, and had reached a high of $25,199 on August.

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Ethereum ETHUSD, -2.42%, which is nearing an update called "The Merge" in early September, plummeted 9% after Powell's remarks and is down 60% year to date.

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