Bitcoin drops below key $20,000 threshold
Bitcoin’s price has broken below the key threshold of $20,000 for the first time since November 2020, risking triggering a fresh wave of selling and deepening the crisis gripping the digital asset sector.
The largest cryptocurrency, which acts as a benchmark for the broader crypto market, plunged to under $18,000 on Saturday, a fall of around 14 per cent. That took it below the peak level of the previous bull run in crypto markets in 2017 and erased years of gains for long-term holders.
Later in the day it rallied somewhat to top $19,000 but fell again early on Sunday to around $18,200 according to website CryptoCompare.