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BTC.CM=-1,101.32 (-4.96%)
Bitcoin and and other cryptocurrencies are in free fall.
Dan Kitwood | Getty Images
The sell-off in cryptocurrencies deepened even further on Wednesday, with bitcoin sinking very close to the key level of $20,000.
The price of bitcoin plunged 9% in 24 hours to around $20,208, according to data from Coin Metrics. The world’s largest digital currency is down more than 70% since the peak of the crypto craze in November 2021.
Bitcoin and other digital tokens are in free fall as fears of climbing inflation, aggressive interest rate rises and liquidity issues at a key player in the crypto space have plagued crypto markets.
The Federal Reserve is widely expected to hike rates by 75 basis points this week, a move that has spooked stocks and other risky assets — including crypto.
Mostafa Al-Mashita, executive vice president of Canadian crypto firm SDM, said crypto has been caught up in the broader “risk-off environment” affecting markets.
“What we...
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