Bitcoin drops beneath $20,000 to lowest since December 2020

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Bitcoin dropped beneath $20,000 on Saturday to its lowest stage in 18 months, extending its slide as traders pull again from riskier property amid rising rates of interest.

The largest cryptocurrency was down 7.1% to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020.

It’s down about 59% this yr, whereas rival cryptocurrency Ethereum-backed ether is down 73%.

The digital forex sector has been pummeled this week after cryptocurrency lending firm Celsius froze withdrawals and transfers between accounts.

The sector has additionally suffered losses after corporations akin to Coinbase International Inc, Gemini and Blockfi stated they might lay off hundreds of staff as traders ditch dangerous property. (Reporting by Jahnavi Nidumolu in Bengaluru; Enhancing by Andrew Heavens)

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