Bitcoin tumbled below $20,000 on Saturday to its lowest level since the end of 2020. The price of the largest cryptocurrency has been sliding in recent weeks and fell as low as $18,739, according to CoinDesk.
Bitcoin has now fallen more than 70% since hitting a record high of almost $69,000 in November last year against a backdrop of soaring inflation, rising interest rates and a looming recession that has prompted some investors sell their crypto holdings.
Crypto exchange platforms Coinbase and BlockFi have laid off about 20% of their workforces amid the collapse of crypto prices.
