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Bitcoin current price dips below $20,000, first time since late 2020

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Bitcoin current price dips below $20,000 – The bitcoin has further lost value and has fallen below 20,000 dollars. This is the first time in a year and a half. Since the beginning of this year, the value of the most important digital currency has fallen sharply, but in the past week there was a crash.

Investors fear that the higher interest rates of the US Federal Reserve will lead to economic contraction due to high inflation. Cryptocurrencies are seen as risky investments and when interest rates rise, many investors choose to take less risk. The stock markets have therefore also fallen sharply.

There are also problems with crypto companies and these may cause investors to lose confidence. Last month, that trust in digital currencies took a hit with the collapse of cryptocurrency Terra.

This month, cryptobank Celsius Network froze all transactions, in its own words due to “extreme market conditions”.

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In about a week’s time, bitcoin has surrendered a third of its market value. That means that many tens of billions of dollars have evaporated. On January 1 of this year, the bitcoin was still worth more than 47,000 dollars (45,000 euros).

Last November, the digital currency peaked at more than $68,000.

People who have stepped in before December 2020 are still in the plus. For example, in September of that year, bitcoin was worth just over $10,000.

Bitcoin current price dips below $20,000, first time since late 2020

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