New York (The Times Groupe)- Bitcoin fell below $19,000 on Saturday, its lowest level in 18 months, while the crypto market lost $67 billion in just eight hours. cryptocurrency
Bitcoin’s price fell to $18,742 at 0815GMT, its lowest level since December 2020, according to official figures. The world’s largest crypto by market size saw its price fall 9.7% from $20,752 at 0015GMT.
At 1047GMT, Bitcoin’s price climbed back up to $19,360, but the $20,000 mark is now considered a strong resistance level.
Ethereum, the world’s biggest altcoin by market value, saw its price fall to $975, from $1,096, during that time, before rising back above $1,000.
Cryptocurrency market value fell to $832 billion at 0825GMT, down $67 billion, or 7.4%, from $899 billion at 0035GMT.
At 1047GMT, the crypto market stood at $850 billion, a daily decline of 5.6%
As a result, the market is significantly down from the $3 trillion market cap recorded in November.
The recent sell-off is a result of aggressive rate hikes from central banks around the globe, which is fueling fears that monetary tightening may trigger a recession. bitcoin