The price of bitcoin fell below $ 20,000 for the first time since late 2020 on Saturday, in a new signal that the sale of cryptocurrencies is deepening.
Bitcoin, the most popular cryptocurrency, fell below the psychological threshold, dropping by as much as 9% to less than $ 19,000, according to CoinDesk.
The last time bitcoin was at this level was in November 2020, when it reached its all-time high of nearly $ 69,000.
Read more: Bitcoin and crypto platforms have problems. What is behind the collapse?
Bitcoin has now lost more than 70 percent of its value since reaching that peak.
Ethereum, another very popular cryptocurrency that has fallen in recent weeks, suffered a similar crash on Saturday.
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It is the latest sign of turmoil in the cryptocurrency industry amid widespread turmoil in financial markets. Investors are selling riskier assets because central banks are raising interest rates to fight accelerating inflation.
2:06 Cryptocurrency industry has a difficult week amid market uncertainty Cryptocurrency industry has a difficult week amid market uncertainty
A cryptocurrency gang has stolen tens of billions of dollars from investors’ assets and sparked urgent calls to regulate the freewheeling industry.
The cryptocurrency lending platform Celsius Network said this month that it was pausing all withdrawals and transfers, with no sign of when it would give its 1.7 million customers access to its funds.
Stablecoin Terra imploded last month, wiping out tens of billions of dollars in a matter of hours.
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