NEW YORK (AP) — Bitcoin fell below the psychologically important threshold of $20,000 on Saturday 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 as much as 9.7% to less than $18,600 by late afternoon on the East Coast, according to the cryptocurrency news site CoinDesk. At some points during the day, it was below $18,000.
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 again.
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 — this past week was Wall Street’s worst since 2020,...
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