Bitcoin drops below $20,000 to lowest since December 2020
Story highlights
The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts
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.
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.
trending now
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.
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.
WATCH WION LIVE HERE
You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.