The price of bitcoin fell below $ 20,000 for the first time since the end of 2020 on Saturday, as a new sign that the sale of cryptocurrencies is deepening.
Bitcoin, the most popular cryptocurrency, has fallen below the psychologically important threshold, falling as much as 9% to less than $ 19,000, according to CoinDesk.
The last time bitcoin was at that level was in November 2020, when it was on track to reach its all-time high of nearly $ 69,000.
Read more: Bitcoin and crypto platforms are in trouble. What is behind the collapse?
Bitcoin has already lost more than 70 percent of its value after reaching this peak.
Ethereum, another widely used cryptocurrency that has been declining in recent weeks, saw a similar decline on Saturday.
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This is the latest sign of turmoil in the cryptocurrency industry amid wider turbulence in financial markets. Investors are selling riskier assets because central banks are raising interest rates to fight rising inflation.
2:06 Cryptocurrency industry has a tough week amid market uncertainty Cryptocurrency industry has a tough week amid market uncertainty
A series of crypto crashes wiped out tens of billions of dollars in investor assets and sparked urgent calls to regulate the free industry.
The cryptocurrency lending platform Celsius Network said this month that it is pausing all withdrawals and transfers, with no indication of when it will give its 1.7 million customers access to their funds.
Stablecoin Terra exploded last month, wiping out tens of billions of dollars in hours.
© 2022 The Canadian Press
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