Monday, July 4, 2022

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

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

NEW YORK (Reuters) - 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. 

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.