© Reuters. FILE PHOTO: A neon brand of cryptocurrency Bitcoin is seen on the Crypstation cafe, in downtown Buenos Aires, Argentina Might 5, 2022. Image taken Might 5, 2022. REUTERS/Agustin Marcarian
(Reuters) -Bitcoin dropped beneath $20,000 on Saturday to its lowest stage in 18 months, extending its slide as buyers pull again from riskier belongings amid rising rates of interest.
The most important cryptocurrency was down 7.1% to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020.
It’s down about 59% this 12 months, whereas rival cryptocurrency Ethereum-backed ether is down 73%.
The digital foreign money sector has been pummelled this week after cryptocurrency lending firm Celsius froze withdrawals and transfers between accounts.
The sector has additionally suffered losses after corporations comparable to Coinbase (NASDAQ:) International Inc, Gemini and Blockfi mentioned they’d lay off hundreds of staff as buyers ditch dangerous belongings.