Bitcoin dips below $20,000, lowest since 2020; crypto sell-off quickens

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LONDON: The price of bitcoin fell below $20,000 for the first time since 2020 on Saturday, in a fresh sign that the sell-off in cryptocurrencies is deepening.
Bitcoin fell below the psychologically important threshold, dropping 9% to less than $19,000, as per news site CoinDesk. The last time bitcoin was at this level was November 2020, when it was on its way to its all-time high of $69,000.
Bitcoin has now lost over 70% of its value since reaching that peak. It’s the latest sign of turmoil in the cryptocurrency industry. Investors are selling off riskier assets because banks are raising interest rates to combat quickening inflation.

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