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

By The Exchange Team

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

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.

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

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

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%.

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

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.