Bitcoin drops below $20,000 as crypto selloff quickens

Bitcoin dropped below the psychologically crucial $20,000 mark on Saturday

For the first time since late 2020, the cryptocurrency selloff is intensifying

According to the cryptocurrency news site CoinDesk, the price of the most popular cryptocurrency has dropped as much as 9.7 per cent

According to CoinDesk, the last time bitcoin was at that level was in November 2020, when it was on its way to an all-time high of about $69,000

Many in the business thought it would never go below $20,000 again

Since hitting its high, Bitcoin has lost more than 70% of its value

Ethereum, another famous cryptocurrency dropping recently, fell similarly on Saturday

The cryptocurrency business was rocked by instability in financial markets last week was Wall Street's worst since the early days of the coronavirus outbreak in 2020

According to, which analyses cryptocurrency prices, the entire market worth of cryptocurrency assets has dropped from $3 trillion to less than $1 trillion

According to the research, the worldwide market value of cryptocurrency was over $816 billion as of Saturday afternoon

Celsius Network, one of them, said this month that it was suspending all withdrawals and transactions, with no indication of when its 1.7 million users would be able to access their assets

Another platform, Babel Finance, announced in an online notice on Friday that it would stop product redemptions and withdrawals owing to exceptional liquidity challenges