Bitcoin drops below $20,000 for the first time since December 2020. crypto cryptocrash
Bitcoin dropped below $20,000 for the first time since December 2020 as evidence of deepening stress within the crypto industry keeps piling up against a backdrop of monetary tightening. Bitcoin fell as much as 6% to $19,377.08 at 2:54 pm Hong Kong on Saturday. The largest token by market value has fallen for 12 straight days. Ether breached the $1,000 mark briefly and dropped to $999.86, the lowest since January 2021, before paring losses.
Even with the piercing of the level, historical data show that Bitcoin may find key support around $20,000, as previous selloffs demonstrate where the token usually finds points of resilience, according to Mike McGlone, an analyst for Bloomberg Intelligence. Bitcoin may “build a base around $20,000 as it did at about $5,000 in 2018-19 and $300 in 2014-15,” he said in a note June 15. “Declining volatility and rising prices are earmarks of the maturing digital store-of-value.