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Bitcoin crosses the psychological threshold of $20,000

OAKLAND, Calif. — The price of one bitcoin edged above $20,000 on Sunday after the broader crypto selloff dragged it below the significant psychological level a day earlier.

The price of the most popular cryptocurrency in the world was $20,129.70 on Sunday afternoon. On Saturday, bitcoin had plunged as much as 9.7% to below $18,600 by late afternoon on the East Coast, according to cryptocurrency news site CoinDesk. At times on Saturday it was below $18,000.

On Sunday, however, the volatile cryptocurrency soared higher, though it is still more than 70% below its November 2020 all-time high of nearly $69,000. Many in the industry thought it wouldn’t come back below $20,000.

Ethereum, another widely followed cryptocurrency that has been slipping in recent weeks, suffered a similar drop on Saturday to well below $1,000 but also rallied on Sunday, adding nearly 11% to $1,101.81.

The cryptocurrency industry has seen turmoil amid broader turmoil in financial markets. Last week was Wall Street’s worst since 2020, when the coronavirus pandemic began.

Investors are selling riskier assets because central banks are raising interest rates to fight rising inflation. Higher rates can help lower inflation, but they also increase recession risks by increasing borrowing costs for consumers and businesses and lowering the prices of stocks and other investments like crypto. -currencies.

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Post expires at 7:25pm on Thursday June 30th, 2022