Bitcoin drops below $20,000, the lowest since December 2020

• Image Credit: Internet

• Jun 19, 2022 | Kabir Chakraborty

After cryptocurrency lending provider Celsius stopped withdrawals and transfers between accounts, the digital currency sector has taken a hit this week.

Digital Desk: Bitcoin plummeted below $20,000 on
Saturday, marking its lowest level in 18 months, as investors stepped away from
riskier assets in the midst of rising interest rates.

At 09:06 GMT, the largest cryptocurrency was down 7.1
percent to $18,993, after hitting the bottom of $18,732 for the first time
since December 2020.

It has dropped around 59 percent of its value this year,
while Ethereum-backed Ether has lost 73 percent.

After cryptocurrency lending provider Celsius stopped
withdrawals and transfers between accounts, the digital currency sector has
taken a hit this week.

Companies including Coinbase Global
Inc. (COIN.O), Gemini, and Blockfi have announced layoffs of thousands of
employees as investors flee hazardous assets.