Bitcoin’s price fell below $20,000 (roughly Rs. 15,000) on Saturday for the first time since late 2020, a renewed sign that the sell-off in cryptocurrencies is deepening.
Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, falling as much as 9 percent to less than $19,000 (about 14 lakh), according to CoinDesk.
The last time bitcoin was at this level was in November 2020 when it was on the way to its all-time high of nearly $69,000 (roughly 53 lakh).
Since hitting that peak, Bitcoin has now lost more than 70 percent of its value.
Ethereum, another widely used cryptocurrency that has tumbled in recent weeks, experienced a similar tumble on Saturday.
It is the latest sign of turmoil in the cryptocurrency industry amid larger turmoil in financial markets. Investors are selling riskier assets as central banks raise interest rates to combat accelerating inflation.
A spate of crypto meltdowns has wiped out tens of billions of dollars in investor fortunes and sparked urgent calls for regulation of the freewheeling industry.
Cryptocurrency lending platform Celsius Network announced this month that it was pausing all withdrawals and transfers, with no indication of when it would allow its 1.7 million customers access to their funds.
Stablecoin Terra imploded last month and wiped out tens of billions of dollars in a matter of hours.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made on an accepted recommendation, forecast or other information contained in this article.