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  • Writer's pictureBy The Financial District

Bitcoin Sinks To $20,000, Its Lowest Since 2020

Bitcoin fell below $20,000 on Saturday, June 18, 2022, to its lowest level in 18 months, as investors retreated from riskier assets amid rising interest rates, according to Reuters.

Photo Insert: The erratic trend of cryptocurrency continues.

At 0906 GMT (5:06 p.m. in Manila), the largest cryptocurrency was down 7.1 percent to $18,993, having previously touched $18,732, its lowest since December 2020. It is down roughly 59 percent this year, while Ethereum-backed ether is down 73 percent.

This week, the digital currency sector took a beating after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.

The sector has also suffered losses after companies such as Coinbase Global Inc., Gemini and Blockfi said they would lay off thousands of employees as investors flee risky assets.

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