October 2, 2022

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Bitcoin Drops Below $20,000 To Its Lowest Level Since December 2020

Bitcoin Drops Below $20,000 To Its Lowest Level Since December 2020

The neon logo of the cryptocurrency Bitcoin appears at the Crypstation Café, in downtown Buenos Aires, Argentina, May 5, 2022. The photo was taken on May 5, 2022. REUTERS/Agustin Markarian

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June 18 (Reuters) – Bitcoin plunged below $20,000 on Saturday to an 18-month low, extending its slide as investors retreated from riskier assets amid rising interest rates.

The largest cryptocurrency fell 7.1% to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest level since December 2020.

It has fallen by about 59% this year, while rival cryptocurrency Ethereum backed ether is down 73%.

The cryptocurrency sector took a hit this week after crypto lender Celsius froze withdrawals and transfers between accounts. Read more

The sector also suffered losses after companies such as Coinbase Global Inc (COIN.O)Gemini and Blockfi said they would lay off thousands of employees as investors dump risky assets.

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Additional reporting by Janavi Nidomulu in Bengaluru; Editing by Andrew Heavens

Our criteria: Thomson Reuters Trust Principles.

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