Advertisement

The cryptocurrency market has hit new lows as Bitcoin fell below $20,000 for the first time since 2020.

On Saturday morning, the price of a Bitcoin dipped below $20,000, a threshold regarded as a crucial support level for the cryptocurrency. At the time of filing, Bitcoin is trading at $19,249 according to Coinbase.

Advertisement

The second most popular cryptocurrency, Ethereum, has also seen new lows, as it had traded below $1,000. At this time, the current trading price for Ethereum price is $999.84, according to Coinbase. Ethereum is down 9.67 per cent in the last 24 hours.

The crash at the markets follow a price increase by the Federal Reserve. On Wednesday, the reserve increased its benchmark lending rate by three-quarters of a percentage point, making it the biggest hike since 1994.

The volatility and a lack of liquidity in the Bitcoin market has made it increasingly difficult for large-scale crypto investors to continue holding, especially the collapse of a stablecoin called TerraUSD.

Advertisement

This week, Crypto platforms like Binance and Celsius announced that they were halting all withdrawals of Bitcoin and Coinbase began a hiring freeze and letting staff go.

The entire cryptocurrency markets crashed to a new low of 2022 in June, with its market cap shrinking below $1 trillion to $977 billion. This comes months after it hit the $3 trillion mark in November  2021.

Disclaimer

Contents provided and/or opinions expressed here do not reflect the opinions of The Pacesetter Frontier Magazine or any employee thereof.

Support The Pacesetter Frontier Magazine

It takes a lot to get credible, true and reliable stories.

Advertisement

As a privately owned media outfit, we believe in setting the pace and leaving strides in time.

If you like what we do, you can donate a token to us here. Your support will ensure that the right news is put out there at all times, reaching an unlimited number of persons at no cost to them.

Donate!