The price of Bitcoin, world’s most popular crytocurrency fell below $20,000 on Saturday for the first time since December 2020 as selloff continues amid signs of deepening stress in the crypto industry. Ethereum also fell below $1,000.
Bitcoin fell as low as $18,789.6 on Saturday according to Investing.com, losing 72.76% or $50 from its high of $68,990.6 in November 2021.
Year-to-date Bitcoin has lost 59% of its value while Ethereum backed ether is down 73%.
At the time of writing this report Bitcoin has recovered above $19,000 trading at $19,198.0 although it is still down 6.57% in the last 24hours. Ethereum is down 7.31% trading at $997.67.
The market was rattled by the collapse of Terra and Luna token followed by Celcius, a US crypto lender freezing customers’ withdrawal and transfers between accounts.
In another development, Coinbase Global Inc, a major US crypto exchange, Gemini and Blockfi said they would cut about thousands of jobs
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.