Bitcoin falls below $20,000 as selloff quickens

On Saturday, the price of bitcoin dipped below $20,000 for the first time since late 2020, signaling that the cryptocurrency selloff is intensifying.

According to CoinDesk, Bitcoin, the most popular cryptocurrency, went below the psychologically significant level, falling as much as 9% to less than $19,000.

The last time bitcoin was at this level was in November 2020, on its way to an all-time high of about $69,000.

bitcoin, btc

Bitcoin has already lost more than 70% of its value since its peak.

Ethereum, another popular cryptocurrency that has been declining in recent weeks, fell similarly on Saturday.

It's the latest evidence of trouble in the cryptocurrency business, which is accompanied by broader upheaval in financial markets. Because central banks are boosting interest rates to battle rising inflation, investors are dumping riskier assets.

A series of crypto meltdowns has wiped out tens of billions of dollars in investor holdings, prompting urgent calls to control the unruly sector.

Celsius Network, a cryptocurrency lending platform, said this month that it was suspending all withdrawals and transfers, with no indication of when its 1.7 million users will be able to access their assets.

Last month, the stablecoin Terra crumbled, wiping out tens of billions of dollars in a matter of hours.

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