Bitcoin drops below US$20,000 as crypto sell-off quickens
Bitcoin fell below the psychologically important threshold of $US20,000 on Saturday for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening.
Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation. Higher rates can help bring down inflation, but they also heighten the chances of a recession by increasing borrowing costs for consumers and businesses and pushing down prices for stocks, and other investments like cryptocurrencies.
“There is a lot of turbulence in the market,” Fracassi said. “And the reason why prices are going down is because there is a lot of concern the sector is overleveraged.” Crypto had permeated much of popular culture before its recent tumble, with Super Bowl ads touting the digital assets and celebrities and YouTube personalities routinely promoting it on social media.
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