The price of bitcoin lurched below $20,000, and below a level widely monitored by cryptocurrency enthusiasts, as a brutal selloff in crypto showed no signs of abating.
Bitcoin fell as low as $17,601.58 and stayed below $20,000 on Saturday afternoon, according to CoinDesk, down about 15% from its 5 p.m. ET Friday price. It has lost 74% of its value from its high in November.
Concerns about the Federal Reserve’s actions to tame higher-than-expected inflation have pushed both stocks and cryptocurrencies into a bear market. Big names in the industry, including
Coinbase Global Inc.,
the biggest cryptocurrency exchange in the U.S., have recently announced job cuts.
“Bitcoin breaking the $20,000 price level was long coming, given the pessimism that we have in the market,” said AvaTrade market analyst Naeem Aslam. The fallout from the collapse…
