06-20-2022 icon

Bitcoin Sinks Below $20k for the First Time Since December 2020

By Lucy Adegbe

The persistent decline of stocks and other items in the financial market alongside the fright about diverse crypto lending firms has pushed bitcoin into its ‘teens’ for the first time in almost 18 months. 

The price of the largest cryptocurrency by market cap plunged under the $20,000 mark, which is the first since December 2020, causing an estimated loss of about 9.5% within the past day. 

Bitcoin was juggling around $18,984.1 in the early hours of June 18 after hitting its lowest trade rate of $18,739.5 after almost two years. 

Ether, the second highest-rated coin to bitcoin, has similarly continued to plunge, experiencing a loss of more than 9.78% with a trading rate of $988.13 as of the time of writing. 

There has been unrest for investors as various crypto exchange and lending platforms have reportedly encountered different glitches. The likes of Terra suffered a collapse in its ecosystem, Celsius Network followed suit with a halt in withdrawals due to the harsh condition of the market. Three Arrows Capital has also been reported to have experienced billions of dollars in liquidation.

The traditional financial market showed the United State massive stock decline on Thursday with the likes of Nasdaq and S&P 500 facing falls of 4.1% and 3.25% respectively. Friday highlights displayed a slight return with both indexes reduced by 6% for the week.