Bitcoin Plunges Below $20K for First Time Since December 2020; Ether Drops Below $1K
Helping to send bitcoin back into the teens were the continuing plunge in traditional financial markets alongside spreading panic among crypto lending platforms.Read MoreFeedzy
Bitcoin (BTC) sank below $20,000 for the first time since December 2020, losing 9.5% in the past 24 hours. At time of publication, the largest cryptocurrency by market cap was changing hands around $18,984.1 after trading at a low of $18,739.50.
Ether (ETH), the second largest crypto, also continued its decline, falling 9.78% to about $992 at time of publication.
The crypto panic – which began a few weeks ago with the Terra ecosystem collapse and then spread to the Celsius platform – has moved on to hedge fund Three Arrow Capital, which reportedly had its collateral liquidated by crypto lender BlockFi.
Checking traditional markets, U.S. stocks saw more massive selling on Thursday, with the Nasdaq tumbling 4.1% and the S&P 500 3.25% before a slight recovery on Friday. For the week, the Nasdaq and S&P are each lower by about 6%.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Recent Posts
Best Altcoins to Buy as Institutional Bitcoin Buying Set to Outpace Retail
Bitcoin has emerged as the market’s top hedge option against rising geopolitical uncertainty and cross-border…
Bitcoin ATH Incoming? Analyst Flags Indicators That Preceded Every Major BTC Rally
Bitcoin continues to extend its recent recovery, gaining over 15% in the past two weeks…
Bitcoin Sandwiched Between Major Support & Resistance Levels—Can Bulls Win Out?
On-chain data shows the Bitcoin spot price is currently sandwiched between two zones where a…
Bitcoin Could See A Weekend Rally To $100,000 – Is BTC Ready For New Highs?
As Bitcoin (BTC) attempts to break out from its weekly range, its price eyes the…
Bitcoin Sees Sharp Increase in Taker Buy/Sell Ratio on Binance—What Does It Signal?
Bitcoin continues to edge closer to the $100,000 psychological price mark, trading at $96,857 at…
Bitcoin Stochastic RSI Signals Brewing Bullish Momentum – ATH Incoming?
Bitcoin (BTC) has surged 14.6% over the past two weeks, rising from approximately $84,500 on…