Bitcoin Drops Below $20,000 As Crypto Crash ContinuesBitcoin fell under $20,000 for the first time since December 2020 on Saturday as the cryptocurrency market continues to reel from job cuts, rumors about impending insolvency at major crypto firms and a steep interest rate hike by the U.S. Federal Reserve.
Bitcoin was trading at
$19,420 at 7:30 a.m. ET, down 8.1% over the past 24 hours.
Over the past seven days, the world’s most valuable
cryptocurrency has dropped 33%, shrinking its total market cap from $580 billion to $370 billion.
Since hitting an all-time
high of $68,990 in November last year, the cryptocurrency has now fallen more than 70%.
Ethereum slid another
8.4% over the past 24 hours to $1,011, off 39% from a week ago, while other currencies affected by the selloff included BNB, down 6.5% over the past 24 hours,
Dogecoin (
-4.9%) and
Solana (
-4.3%).
