HomeBusiness & EconomicsBitcoin Drops Below $20,000 for First Time Since Late 2020

Bitcoin Drops Below $20,000 for First Time Since Late 2020

Bitcoin down around 59 percent this year, while Ethereum-backed ether is down 73 percent

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Bitcoin fell below $20,000 on Saturday, reaching its lowest level in 18 months, as investors retreated from risky assets amid increasing interest rates.

At 9:06 GMT, the largest cryptocurrency was down 7.1 percent to $18,993, having previously reached $18,732, its lowest level since December 2020.

It is down around 59 percent this year, while Ethereum-backed ether is down 73 percent.

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This week, the digital currency market took a beating after bitcoin lending firm Celsius stopped withdrawals and transfers between accounts.

Companies such as Coinbase Global Inc, Gemini, and Blockfi have also announced layoffs of thousands of staff as investors abandon riskier assets.

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