The value of bitcoin has fallen below $20,000 — for the first time since the end of 2020.
Bitcoin currently costs just over $18,000. The last time it was at this level in November 2020. Thus, the coin has lost more than 70% of its value since reaching a peak of $69 thousand.
Ethereum, another popular cryptocurrency that has been falling in recent weeks, fell further on Saturday, June 18.
The Associated Press writes that this situation with the value of cryptocurrency is happening against the background of increased turbulence in financial markets. Investors are selling off cryptocurrency as central banks raise interest rates to fight accelerated inflation. Falling cryptocurrencies have destroyed tens of billions of dollars in investorsʼ assets.