Bitcoin falls below $20,000 – Finance

Bitcoin continued to fall on Saturday, weighed down by investors’ lack of appetite for risk, as it fell to $18,740, a 9% drop from the previous day. This is the lowest level since December 13, 2020.

Since its all-time high of $68,991 on November 10, 2021, the digital currency has lost over 72% of its value. It was $18,941 around 1550 GMT, down 8% from Friday. A sign that liquidation is underway in this market in full crisis, all major cryptocurrencies plummeted on Saturday. Ether, the second most popular digital currency, lost almost 10%. Stock markets have tumbled this week, fearing that central banks, led by the US Federal Reserve, will not be too aggressive in their quest to curb inflation, risking weakening the global economy.

Cryptocurrencies that pay the highest price

But it is cryptocurrencies that pay the highest price. On Monday, the cryptocurrency market fell below the symbolic $1,000 billion mark. In November last year, it rose to 3,000 billion. The fall of bitcoin was accelerated by the suspension of withdrawals by two cryptocurrency investment platforms. Celsius announced a break in withdrawals and transfers on Sunday evening. The company, which managed $12 billion in assets in mid-May, according to its website, specifically offered its users the opportunity to stake their “historic” cryptocurrencies such as Bitcoin and Ethereum to invest in new virtual currencies.

Short-term freezing of funds withdrawal

On Friday, Babel Finance told clients it was suspending withdrawals due to “unusual liquidity pressure.” A brief freeze on Bitcoin withdrawals from the world’s largest exchange, Binance, also contributed to the lack of interest in cryptocurrencies this week. Cryptocurrency platform Coinbase announced on Tuesday that it will cut 18% of its workforce, or about 1,100 positions. “It looks like we are entering a recession after an economic boom that lasted more than 10 years,” co-founder and chief executive of the company Brian Armstrong said as an excuse for these massive layoffs. “The recession could lead to another ‘crypto winter’ and could last for an extended period of time,” he added. In 2021, this still nascent sector has attracted more and more traditional financial players whose appetite for risk has been fueled by the ultra-soft policies of central banks around the world.

Since its all-time high of $68,991 on November 10, 2021, the digital currency has lost over 72% of its value. It was $18,941 around 1550 GMT, down 8% from Friday. A sign that liquidation is underway in this market in full crisis, all major cryptocurrencies plummeted on Saturday. Ether, the second most popular digital currency, lost almost 10%. Stock markets have tumbled this week, fearing that central banks, led by the US Federal Reserve, will not be too aggressive in their quest to curb inflation, risking weakening the global economy. who pay the highest price. On Monday, the cryptocurrency market fell below the symbolic $1,000 billion mark. In November last year, it rose to 3,000 billion. The fall of bitcoin was accelerated by the suspension of withdrawals by two cryptocurrency investment platforms. Celsius announced a break in withdrawals and transfers on Sunday evening. The company, which managed $12 billion in assets in mid-May, according to its website, specifically offered its users the ability to stake their “historical” cryptocurrencies such as Bitcoin and Ethereum to invest in new virtual currencies. on Friday that it was suspending all withdrawals due to “unusual liquidity pressure.” A brief freeze on Bitcoin withdrawals from the world’s largest exchange, Binance, also contributed to the lack of interest in cryptocurrencies this week. Cryptocurrency platform Coinbase announced on Tuesday that it will cut 18% of its workforce, or about 1,100 positions. “It looks like we are entering a recession after an economic boom that lasted more than 10 years,” co-founder and chief executive of the company Brian Armstrong said as an excuse for these massive layoffs. “The recession could lead to another ‘crypto winter’ and could last for an extended period of time,” he added. In 2021, this still nascent sector has attracted more and more traditional financial players whose appetite for risk has been fueled by the ultra-soft policies of central banks around the world.

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