Bitcoin below $20,000

(Reuters) – Bitcoin fell below $20,000 on Saturday, its lowest level in 18 months, continuing to decline on investor jitters over growing problems in the digital currency industry and a continued decline in the appetite for the most risky assets.

The largest and best-known cryptocurrency was down 7.46% to $18,915.29 by 4:00 p.m. GMT. It is now down about 61% from its year high of $48,234 set on March 28.

The competing Ether dropped 8.84% to 988.52 dollars.

The sector was impacted this week by the announcement by the Celsius Network cryptocurrency lending platform of the withdrawal freeze, by a first wave of layoffs at companies in the sector – several thousand for Coinbase Global Inc, Gemini and Blockfi – and by reports of difficulties at a cryptocurrency hedge fund.

“Dipping $20,000 shows confidence in the crypto sector is collapsing,” commented Edward Moya, senior Mars analyst at The Americas OANDA. “There are too many cryptocurrencies and exchanges that are facing enormous financial pressure.”

(Sneha Bhowmik Bangalore, Gilles Guillaume for the French version)

Leave a Comment