Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60 per cent from its year high.

Bitcoin, the world’s biggest and best-known cryptocurrency, was last down 1.5pc at $19,946 on Saturday, down $298 from its previous close.

It is down 58.7pc from the year’s high of $48,234 hit on March 28.

Ether, the coin linked to the Ethereum blockchain network, meanwhile dipped 2.76pc to $1,467.2, losing $41.60 from its previous close.

Bitcoin’s fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3pc lower.

The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening.

The Fed’s actions on interest rates have caused some investors to forecast more pain for equities.

Bitcoin was last below $20,000 in mid-July.