Concerns of another blowup in the crypto space was weighing on the sector Tuesday, as bitcoin fell below $20,000 for the first time since October.
The price of bitcoin fell below $20,000 for the first time in nearly four weeks on Tuesday, with Ether also under pressure as a token linked to crypto exchange FTX tumbled below a crucial level.
Bitcoin BTCUSD was off nearly 5% over the last 24 hours to $19,739, headed for the lowest closing price since Oct. 24, according to CoinDesk data. Ether ETHUSD was down more than 5% in the same period to $1,485, also the lowest since around that date. “The selloff in the FTT token has made the whole industry vulnerable once again and major crypto titans like bitcoin and Ethereum are out of balance as well and moving lower,” said Naeem Aslam, chief market analyst at AvaTrade, in a note to clients, adding that pressure could send bitcoin to $15,000 or lower.
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