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bitcoin falls below $20,000

bitcoin falls below $20,000

tech innovation 2022

Bitcoin fell below $20,000, its lowest level since December 2020.

Bitcoin fell below $20,000 on Saturday, down nine percent from the previous day to $18,740, its lowest level since December 13, 2020.

Investors are increasingly risk averse, with the world’s most popular crypto asset having lost over 72% of its value since hitting a high of $68,991 on November 10, 2021.

After falling to $18,740 on Saturday, bitcoin rose to $18,941 at 1550 GMT, down eight percent from Friday.

Other major digital currencies were also down on Saturday, including ether, which lost nearly 10 percent of its value.

World stock markets fell this week amid fears that an inflation-fighting interest rate hike by the US Federal Reserve and other central banks could trigger a recession.

Cryptocurrencies have paid the biggest price.

The value of the global crypto market fell below the symbolic $1 trillion mark on Monday after reaching $3 trillion in November last year.

Bitcoin’s decline has been accelerated by the suspension of withdrawals by the two cryptocurrency platforms.

Celsius Network said it was halting “all withdrawals, swaps and transfers between accounts” due to “extreme market conditions”.

Babel Finance said it was facing “unusual liquidity pressures”.

Major exchange Binance temporarily suspended bitcoin withdrawals and advised customers to use other networks.

Coinbase said on Monday it was cutting 18 percent of its workforce, about 1,100 jobs, citing tight economic conditions and excessively rapid expansion.

“It looks like we are entering a recession after 10+ years of economic boom,” said Brian Armstrong, founder and CEO of Coinbase.

In recent years, the crypto sector has benefited from huge amounts of cash due to the easing currency policies of the world’s largest central banks.

However, rampant inflation has fueled tighter monetary policy around the world, helping the industry to crash.

Bitcoin below $25,000, lowest in 18 months

© 2022 AFP

Citation: Bitcoin falls below $20,000 (2022, June 18), retrieved June 18, 2022

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