Bitcoin Crashes Below $20,000 For the First Time Since 2020

Story Highlights
  • Bitcoin crashes after an hiatus of 18 months
  • The cryptocurrency was at peak in November 2020.
  • The crypto coin was down by 7.1 per cent to $18,993.

Ever since December 2020, the world’s top-rated cryptocurrency Bitcoin Saturday dropped proving the deepening stress within the crypto industry.

The biggest cryptocurrency was down 7.1 per cent to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020. It is down about 59 per cent this year, while rival cryptocurrency Ethereum-backed ether is down 73 per cent.

A toxic mix of cycles and higher interest rates has been deleterious to riskier assets like crypto, contributing to a roughly 70 per slide in Bitcoin from its all-high in November. 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.

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.

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