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. | Fin24
Bitcoin fell as much as 6% to $19 377.08 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.
The Federal Reserve raised its main interest rate on June 15 by three-quarters of a percentage point - the biggest increase since 1994 - and central bankers signaled they will keep hiking aggressively this year in the fight to tame inflation. A higher-rate environment has been deleterious to riskier assets like crypto, contributing to a roughly 70% slide in Bitcoin from its all-time high in November.
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.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin falls below $20 000 for the first time since 2020Surging recession fears are crippling appetite for risky assets – Oanda senior market analyst.
Read more »
Bitcoin plunges below $20,000Bitcoin plunged below $20,000 on Saturday, shedding nine percent from the previous day to fall to $18,740, its lowest level since December 13, 2020.
Read more »
Bitcoin continues to plummetBitcoin plunged through several closely watched price levels to the lowest since late 2020.
Read more »
MONEY LIVE | Global markets on track for worst week since 2020 | Fin24MONEY LIVE | Global markets on track for worst week since 2020 -
Read more »
OPINION | Music labels are spending a little too much time on TikTok | Fin24A disturbing new trend has allegedly emerged, where record labels are withholding releases until artists' songs go viral on TikTok. But this could backfire, writes Trung Phan.
Read more »
Apple workers in Maryland become first in US to join union | Fin24Apple Inc workers in the city of Maryland in the US have voted to join a union, becoming the first retail employees of the tech giant to unionise in the country. | Fin24
Read more »