The world’s top cryptocurrency, Bitcoin, has dropped below the $20,000 threshold for the first time since December 2020, trading data shows.
The coin had plunged around 13.7% over a 24-hour period as of Saturday afternoon to a low of $17,593, its weakest level in 18 months. It did then manage to regain some of the losses, pulling back up to $18,556. It has recovered slightly more on Sunday, trading in the green at $19,351 at around 12:00 GMT, but analysts are skeptical about further gains.
“Breaking $20,000 shows you that confidence has collapsed for the crypto industry and that you’re seeing the latest stresses,” Edward Moya, senior market analyst at OANDA, told Reuters, adding that “even the loudest crypto cheerleaders from the big rally are now quiet.”