Price of bitcoin drops below $20,000 for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening
Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation.
The price of bitcoin has dropped below $20,000 for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening. Bitcoin, the most popular cryptocurrency, on Saturday fell below the psychologically important threshold, dropping as much as 9 percent to less than $19,000, according to CoinDesk.Ethereum, another widely followed cryptocurrency that's been sliding in recent weeks, took a similar tumble on Saturday.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. A spate of crypto meltdowns has erased tens of billions of dollars of investors’ assets and sparked urgent calls to regulate the freewheeling industry.Cryptocurrency lending platform Celsius Network said this month it was pausing all withdrawals and transfers, with no sign of when it would give its 1.7 million customers access to their funds.Source: AP