Bitcoin fell below $20,000 this Saturday (18), reaching the lowest level since December 2020. The risk aversion movement towards riskier investments comes amid rising interest rates in the US and the rest of the world.
At around 6:00 am ET, the biggest cryptocurrency dropped 7.1% to $18,993 — the lowest level of trading in 18 months. About an hour and a half later, Bitcoin is down 6.18% to $19,355, still below $20,000.
The cryptocurrency is down around 59% this year, while rival cryptocurrency Ethereum is down 73%.
The cryptocurrency industry came under fire this week after crypto lending company Celsius froze withdrawals and transfers between accounts.
In addition, the sector also suffered losses after companies such as Coinbase, Gemini and Blockfi announced that they would lay off thousands of employees as investors abandoned risky assets.
*With information from Reuters
Source: CNN Brasil
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