The price of bitcoin fell below $20,000 for the first time since late 2020 on Saturday, in a fresh sign that the selloff in cryptocurrencies is deepening.
Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping as much as 9% to less than $19,000, according to CoinDesk.
The last time bitcoin was at this level was November 2020, when it was on its way up to its all-time high of nearly $69,000. Read more: Bitcoin and crypto platforms are in trouble.
What’s behind the collapse? Bitcoin has now lost more than 70 percent of its value since reaching that peak. Ethereum, another widely followed cryptocurrency that’s been sliding in recent weeks, took a similar tumble on Saturday.