Bitcoin Drops Below $20,000 as Crypto Selloff Quickens

Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold on Saturday.

By Associated Press | Updated: 18 June 2022 19:13 IST

Bitcoin Drops Below $20,000 as Crypto Selloff Quickens

A spate of crypto meltdowns have erased tens of billions of dollars of investors’ assets

Highlights

The last time Bitcoin was at this level was November 2020
Bitcoin has now lost more than 70 percent of its value
Ethereum took a similar tumble

The price of Bitcoin fell below $20,000 (roughly Rs. 15 lakh) for the first time since late 2020 on Saturday, in a fresh sign that the selloff in cryptocurrencies is deepening.

Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping as much as 9 percent to less than $19,000 (roughly Rs. 14 lakh), according to CoinDesk.

The last time Bitcoin was at this level was November 2020, when it was on its way up to its all-time high of nearly $69,000 (roughly Rs. 53 lakh).

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Bitcoin has now lost more than 70 percent of its value since reaching that peak.

Ethereum, another widely followed cryptocurrency that's been sliding in recent weeks, took a similar tumble on Saturday.

It's the latest sign of turmoil in the cryptocurrency industry amid wider turbulence in financial markets. Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation.

Crypto Market Hovers Lowly on Prices as Bitcoin, Ether Fail to See Gains

A spate of crypto meltdowns have erased tens of billions of dollars of investors' assets and sparked urgent calls to regulate the freewheeling industry.

Cryptocurrency lending platform Celsius Network said this month it was pausing all withdrawals and transfers, with no sign of when it would give its 1.7 million customers access to their funds.

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

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