Dan Kitwood/Getty Images Cryptocurrency continued its freefall, as Bitcoin fell below $20,000 Saturday and smaller tokens also shed value.
The value of Bitcoin dropped 9% in a 24-hour period to $19,217.81, according to Coin Metrics data. It was the lowest level for the benchmark cryptocurrency in one and a half years.
“Objectively, looking at the chart, there really is no viable support left,” Europac.com Chief Economist Peter Schiff tweeted . Most likely, Bitcoin will find short-term support along the long-term trend line around $6K.” LATEST: Bitcoin falls below $20,000 for the first time since December 2020 ⬇️ https://t.co/q7cTL3ekXT pic.twitter.com/mdbygMAMoY
— Bloomberg (@business) June 18, 2022 Bitcoin has fallen 33% over the last week, dropping its total market capitalization to $370 billion from $580. Since hitting an all-time high of $67,567 on November 8, 2021, it has fallen more than 70%.
Other cryptocurrencies have also been pounded in recent days and even hours. Ether, the second-largest cryptocurrency, plunged 10% over the last 24 hours to $997.75, its lowest level since January 2021.
The currencies have always been volatile, but investors say aggressive interest rate hikes from the Federal Reserve and a liquidity crunch for big investors has accelerated the dive this time.
On Wednesday, the Fed moved to stem inflation by raising the federal funds rate three-quarters of a point, the biggest one-time jump in nearly 30 years. The move prompted a dash from risky assets, including stocks and cryptocurrency.
Cryptocurrency investors were hurt last month by the total collapse Terra, a so-called stablecoin designed to be worth $1. It crashed to less than a penny, taking the associated coin, Luna, down with it and wiping out $60 billion in market capitalization.In addition, this week billion dollar cryptocurrency bank Celsius halted withdrawals , locking out investors and stoking fears it may be insolvent, according to CNBC.com […]
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