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.

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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%.

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

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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.


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