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LONDON (AP) — Bitcoin price dropped below $20,000 for the first time since the end of 2020 on Saturday, a new sign that selling in cryptocurrencies is deepening.
According to CoinDesk, Bitcoin, the most popular cryptocurrency, has fallen below the psychologically important threshold, dropping as much as 9% below $19,000.
The last time Bitcoin was at this level was in November 2020, when it hit an all-time high of around $69,000.
Bitcoin has lost more than 70 percent of its value since reaching this peak.
Ethereum, another widely followed cryptocurrency that has been floating in recent weeks, suffered a similar drop on Saturday.
A sign of recent turmoil in the cryptocurrency industry amid wider turbulence in the financial markets. Investors sell riskier assets because central banks raise interest rates to combat rising inflation.
A series of crypto meltdowns wiped out tens of billions of dollars of investor assets and prompted urgent calls to regulate the free-floating industry.
Cryptocurrency lending platform Celsius Network said this month it is pausing all withdrawals and transfers, and there are no indications when it will give its 1.7 million customers access to its funds.
Stablecoin Terra exploded last month and wiped out tens of billions of dollars in a matter of hours.
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