Bitcoin falls below $ 20,000 as the crypto crash continues Crypto news

A series of cryptocurrency crashes has wiped out tens of billions of dollars in investor assets and sparked urgent calls to regulate the free industry.

The price of bitcoin fell below $ 20,000 for the first time since the end of 2020 in a new sign that the sale of 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, according to CoinDesk, a US-based exchange platform.

The last time bitcoin was at that level was in November 2020, when it was on track to reach its all-time high of nearly $ 69,000.

Bitcoin has already lost more than 70 percent of its value after reaching this peak.

Ethereum, another widely used cryptocurrency that has been declining in recent weeks, saw a similar decline on Saturday.

This is the latest sign of turmoil in the cryptocurrency industry amid wider turbulence in financial markets. Investors are selling riskier assets because central banks are raising interest rates to fight rising inflation.

A series of crypto crashes wiped out tens of billions of dollars in investor assets and sparked urgent calls to regulate the free industry.

The cryptocurrency lending platform Celsius Network said this month that it is pausing all withdrawals and transfers, with no indication of when it will give its 1.7 million customers access to their funds.

The USDT, a stable coin in Terra’s ecosystem, exploded last month, wiping out tens of billions of dollars in hours.

The sector also suffered losses after companies such as Coinbase Global Inc, Gemini. and Blockfi have said they will lay off thousands of employees as investors give up risky assets.

The situation showed how interconnected the big players in the financial system of cryptocurrencies are and how quickly perceptions can spread.

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