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Bitcoin plunges below $ 20,000 at an 18-month low

Bitcoin plunges below $ 20,000 at an 18-month low, as the value of the record $ 69,000 shows no sign of stopping.

  • The largest cryptocurrency fell 7.1%, the shortest price since December 2020
  • It has lost about 28% since Friday and more than half its value this year
  • Meanwhile, cryptocurrency company Celsius is freezing withdrawals and transfers

Bitcoin has plunged below $ 20,000 at an 18-month low today because it shows no sign of a stop to the value slide.

The largest cryptocurrency fell 7.1% this morning to $ 18,993 at 9:06 a.m. from an earlier touchdown of $ 18,732, the lowest price since December 2020.

It has lost about 28% since Friday, more than half its value this year, and is down 70% from a record $ 69,000 in November.

Overall, Bitcoin has fallen by about 59% in 2022, and Ethereum-backed ether-backed cryptocurrency has fallen by 73%.

Hong Kong-based Babel Finance, a crypto-lender, comes after a halt in withdrawals as a result of a sharp downturn in the market yesterday, saying in a statement that it was “dealing with unusual liquidity”.

The digital currency sector has been hit this week after the cryptocurrency company Celsius froze withdrawals and transfers between accounts, citing “extreme” conditions.

The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees because investors are discarding risky assets.

According to CoinMarketCap, the value of the global crypto market fell to less than $ 900 trillion in November from a peak of nearly $ 3 trillion.

Not everyone has been able to get it out on time because analysts are pricing $ 21,000 to invest 45% of investors in their holdings, which is worth less than what an asset pays.

However, to some extent, retail investors are doubling down and see the sale option as an attractive option to buy.

Vanda Research data show that net income from retail investors has risen to $ 570 million in cryptocurrency-related shares and exchange-traded funds over the past 10 days, a rate not seen since January last year.

Jalak, a partner at Jobanputra Future Perfect Ventures, told Yahoo Finance Book: “Crypro is on the verge of a winter.

‘If we see more pollution in the crypto markets and more funds start to fail [things] it could change, but I still think about it [bitcoin] As a blue-chip cryptography that has not undergone questionable risk management practices. ”

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Bitcoin plunges below $ 20,000 at an 18-month low

Source link Bitcoin plunges below $ 20,000 at an 18-month low

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