Bitcoin, the most popular cryptocurrency, fell below the psychologically significant threshold, falling as much as 9% to less than $ 19,000, according to CoinDesk. The last time bitcoin was at this level was in November 2020, when it climbed to a record high of almost $ 69,000.
Read more: Bitcoin and encryption platforms are having problems. What is behind the collapse?
Bitcoin has now lost more than 70 percent of its value since it reached this peak. Ethereum, another cryptocurrency that has been falling in recent weeks, fell similarly on Saturday. Trending Stories
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The story goes on under the ad It is the latest sign of turmoil in the cryptocurrency industry amid wider turmoil in the financial markets. Investors are selling higher-risk assets as central banks raise interest rates to fight accelerating inflation. 2:06 A difficult week for the cryptocurrency industry amid market uncertainty The cryptocurrency industry is having a difficult week amid market uncertainty A series of encryption crashes have erased tens of billions of dollars of investor assets and sparked urgent calls to regulate the freewheeling industry. Celsius Network, a cryptocurrency lending platform, said this month that it was suspending all withdrawals and transfers, with no indication of when it would give its 1.7 million customers access to their funds. The Stablecoin Terra collapsed last month, writing off tens of billions of dollars in a matter of hours. © 2022 The Canadian Press
