Bitcoin dipped below $20,000 for the first time since late 2020, signaling that the cryptocurrency selloff is intensifying.

Bitcoin, the world’s most popular cryptocurrency, plummeted as much as 7.8% to $20,289, its lowest level since December 2020. This year, it has lost around 28% of its value and more than half of its value. It has dropped over 70% after reaching a record high of $69,000 in November.

Ethereum, another popular cryptocurrency that has been losing ground in recent weeks, has taken a similar hit. Last month, USDT, a Terra stable coin, exploded, wiping out tens of billions of dollars in a matter of hours.

A string of cryptocurrency meltdowns has wiped out tens of billions of dollars in investor funds, prompting urgent calls to regulate the unregulated industry.

Celsius Network, a cryptocurrency lending platform, said this month that it was halting all withdrawals and transfers, with no indication of when its 1.7 million users will be able to access their assets.

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 ditch risky assets.



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