in

Bitcoin drops below $20,000 to lowest since December 2020

Bitcoin fell below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors retreat from riskier assets amid rising interest rates.

Read also | After Crypto Lender Celsius Blocks All Redemptions, Bitcoin Crashes

The biggest cryptocurrency fell 7.1% to $18,993 as of 09:06 GMT, after touching $18,732, its lowest since December 2020.

It is down around 59% this year, while ether backed by rival cryptocurrency Ethereum is down 73%.

Watch | Biggest Cryptocurrency Bitcoin Crashes – Why?

The digital currency sector took a beating this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.

Read also | Dogecoin investor sues Elon Musk for $258 billion, accusing him of running a pyramid scheme

The sector also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors dumped risky assets.

sion

You can now write for sion5ews.com and be part of the community. Share your stories and opinions with us here.

.
#Bitcoin #drops #lowest #December

Post expires at 1:14pm on Tuesday June 28th, 2022