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AP National Business

Bitcoin drops below $20,000 as crypto selloff quickens

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Published 5:29 am

By HALELUYA HADERO and KELVIN CHAN
Associated Press

NEW YORK (AP) — Bitcoin has fallen below $20,000 for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening. Bitcoin, the most popular cryptocurrency, dropped under the psychologically important threshold on Saturday. It plunged as much as 9.7% to less than $18,600 by late afternoon East Coast time, according to cryptocurrency news site CoinDesk. The last time bitcoin was at this level was in November 2020. Bitcoin has now lost more than 70% of its value from a peak of nearly $69,000. The cryptocurrency industry has seen turmoil amid wider turbulence in financial markets.

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