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

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


Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

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

It is down about 59% this year, while rival cryptocurrency Ethereum-backed ether is down 73%.

The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.

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The sector has also suffered losses after companies such as Coinbase Global Inc (COIN.O), Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets.

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