Bitcoin Drops Below $20,000 as Crypto Selloff Quickens

The price of bitcoin has fallen below $20,000 for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening.

The price of the most popular cryptocurrency had plunged by as much as 12% to less than $18,100 by late afternoon on the East Coast

The last time bitcoin was at that level was in November 2020, when it was on its way up

to an all-time high of nearly $69,000, according to CoinDesk. Many in the industry had believed it would not fall under $20,000.

Bitcoin has now lost more than 70% of its value since reaching its peak.

Ethereum, another widely followed cryptocurrency that has been sliding in recent weeks, took a similar tumble Saturday.

The cryptocurrency industry has seen turmoil amid wider turbulence in financial markets.

Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation.

The overall market value of cryptocurrency assets has fallen from $3 trillion to below $1 trillion, according to coinmarketcap.com,

which tracks crypto prices. On Saturday the company's data showed crypto's global market value stood at about $834 billion.