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Bitcoin falls below $20,000 as the crypto selloff accelerates

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On Saturday, the price of Bitcoin fell below $20,000 (roughly Rs. 15 lakh) for the first time since late 2020, signalling that the cryptocurrency selloff is intensifying.

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

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The most popular cryptocurrency, fell below the psychologically significant threshold, falling as much as 9% to less than $19,000.

Bitcoin was last at this level in November 2020, on its way to its all-time high of nearly $69,000.

Ethereum, another popular cryptocurrency that has been declining in recent weeks, fell similarly on Saturday.

The overall market value of cryptocurrency assets has fallen from $3 trillion to less than $1 trillion.

It’s the latest sign of trouble in the cryptocurrency industry, which is accompanied by broader turbulence in financial markets. Because central banks are raising interest rates to combat rising inflation, investors are selling riskier assets.