Bitcoin drops below $20,000 to lowest since December 2020

Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

Also read | After crypto lender Celsius blocks all redemptions, Bitcoin tumbles

The biggest cryptocurrency was down 7.1 per cent to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020.

It is down about 59 per cent this year, while rival cryptocurrency Ethereum-backed ether is down 73 per cent.

Watch | Largest cryptocurrency Bitcoin is crashing – why?

The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.

Also read | Dogecoin investor sues Elon Musk for $258bn, accusing him of running pyramid scheme

The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets.

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