The largest cryptocurrency Bitcoin fell sharply on December 20, amid broader investor caution toward risk assets. Bitcoin traded at around $92,292.07 at 6 pm IST, down over 9% from 24 hours before where it was priced above $102,000.
Bitcoin hit an all-time high at $108,309 just this week, but has since sold off aggressively. The US Fed rattled markets in recent days as it signaled fewer rate cuts next year. Equity markets took a hit, filtering through to crypto assets.
Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank has no desire to be involved in any government effort to stockpile large amounts of bitcoin."We're not allowed to own bitcoin," Powell said at a press conference following the Fed's latest two-day policy meeting, in which policymakers cut rates as expected while signaling a less certain path for monetary policy in the months ahead
