Bitcoin Drops Below $20,000 as Cryptocurrency Coupons

Bitcoin price fell below $20,000 (about Rs 15 lakh) for the first time since late 2020 on Saturday, in a fresh sign that the crypto sell-off is deepening.

Bitcoinmost popular electronic moneyfell below a psychologically important threshold, dropping as much as 9% to under $19,000 (about Rs 14 lakh), according to CoinDesk.

The last time Bitcoin was at this level was in November 2020, when it was on track to reach an all-time high of nearly $69,000 (approximately Rs 53 lakh).

Bitcoin has now lost more than 70% of its value since reaching that peak.

EthereumAnother widely watched cryptocurrency that has been sliding in price in recent weeks, saw a similar drop on Saturday.

It is the latest sign of instability in the crypto industry amid more volatile financial markets. Investors are selling off riskier assets as central banks are raising interest rates to combat rapidly rising inflation.

A series of crypto crises have wiped out tens of billions of dollars in investors’ wealth and sparked urgent calls to regulate the free mining industry.

Cryptocurrency lending platform C Network said this month it is suspending all withdrawals and transfers, with no indication of when it will grant 1.7 million customers access. into their money.

Stablecoin Terra exploded last month, wiping out tens of billions of dollars in just a few hours.

Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.

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