The last time bitcoin was this low was in November 2020, when it was on its way up to its all-time high of nearly $69,000, according to CoinDesk. Many in the industry had believed it would not fall under $20,000.
LONDON — The price of bitcoin fell below $20,000 on Saturday for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening.
People are also reading… 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. Cesare Fracassi, a finance professor at the University of Texas at Austin who leads the school's Blockchain Initiative, believes Bitcoin's fall under the psychological threshold isn't a big deal. Instead, he said the focus should be on recent news from lending platforms.
The cryptocurrency exchange platform Coinbase announced Tuesday that it laid off about 18% of its workforce, with the company's CEO and cofounder Brian Armstrong placing some of the blame on a coming"crypto winter."
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Bitcoin drops below $20,000 as crypto selloff quickensThe price of bitcoin fell below $20,000 on Saturday for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening. Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping by as much as 9% to less than $19,000 and hovering around that mark, according to the cryptocurrency news site CoinDesk. The last time bitcoin was at that level was in November 2020, when it was on its way up to its all-time high of nearly $69,000, according to CoinDesk.
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