Powell's Jackson Hole speech leaves crypto investors in a tough spot

The total crypto market cap fell below $1 trillion after staying above it for over a month. Bitcoin fell below $20,000, and Ethereum slipped below $1,500

The crypto market faced heavy losses on Saturday and Sunday after Jerome Powell, chair of the Federal Reserve (Fed), signalled that they may continue to raise interest rates sharply in the coming months. Crypto market cap fell below the $1 trillion mark after staying above the mark for over a month.

"While higher interest rates, slower growth, and softer labour market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain," Powell said at the