Cryptocurrency: Bitcoin Price Falls Below $20,000

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Bitcoin has now lost over 70% of its value since peaking in November 2020.

LONDON, UK — The price of bitcoin fell below $20,000 for the first time since late 2020 on Saturday, in another sign that cryptocurrency selling is intensifying.

Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping as much as 9% to below $19,000, according to CoinDesk.

The last time bitcoin was at this level was in November 2020, when it was close to hitting its all-time high of nearly $69,000.

OTHER NEWS: What’s going on with cryptocurrency? Why have prices collapsed?

Bitcoin has now lost over 70% of its value since reaching that peak.

Ethereum, another widely followed cryptocurrency that has slid in recent weeks, suffered a similar drop on Saturday.

This is the latest sign of turmoil in the cryptocurrency industry amid broader financial market turmoil. Investors are selling riskier assets because central banks are raising interest rates to fight rising inflation.

OTHER NEWS: Cryptocurrency trading platform Coinbase Global plans to cut 1,100 jobs

A series of crypto meltdowns have wiped out tens of billions of dollars in investor assets and sparked urgent calls to regulate the coasting industry.

Cryptocurrency lending platform Celsius Network said earlier this month that it was suspending all withdrawals and transfers for the time being, with no sign of when it would give its 1.7 million customers the access to their funds.

Stablecoin Terra imploded last month, wiping out tens of billions of dollars in a matter of hours.

OTHER NEWS: Scams on the rise amid growing popularity of cryptocurrency

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