Bitcoin crosses $20,000 mark for first time in over two months

Bitcoin, the world's biggest and best-known cryptocurrency rose 4.6 per cent to cross USD 20,000 mark for the first time in over two months on Saturday (January 14). Bitcoin rose to attain value of USD 20,853 at 01:01 GMT on Saturday. It added USD 922 to previous value at which it closed.

The cryptocurrency is up 26.4% from the year's low of $16,496 on January 1.

Ether, the cryptocurrency linked to Ethereum blockchain network, rose by 5.91 per cent and attained the value of USD 1,536.9

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It added USD 85.90 to its previous close.

Cryptocurrencies, not very far in past, were considered an ideal investment. But volatility in recent years has shaken investor confidence.

Recent collapse of crypto exchange FTX has sent scare further. The crypto industry as a whole, is going through a certain phase.

Crypto.com said on Friday that it would lay off about 20% of its workforce

The Singapore-based company's announcement comes amid concerns about reserves and solvency across the sector, and only a few days after rival exchanges Coinbase Global Inc and Huobi announced their plans to lay off about 20% of their staff. A source told Reuters last week that Genesis, too, had cut jobs, equating to 30% of its workforce.

The layoffs at Crypto.com would be its second in about six months, after it reduced jobs in July last year to weather the macro economic downturn amid rising interest rates.

(With inputs from agencies)

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