Bitcoin fell below the psychologically important threshold of $US20,000 ($AUD28,855) on Saturday for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening. 9News
The price of the most popular cryptocurrency had plunged as much as 9.7 per cent to less than $US18,600 by late afternoon on the East Coast, according to the cryptocurrency news site CoinDesk. At some points during the day, it was below $US18,000.
Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation. Higher rates can help bring down inflation, but they also heighten the chances of a recession by increasing borrowing costs for consumers and businesses and pushing down prices for stocks, and other investments like cryptocurrencies.The overall market value of cryptocurrency assets has fallen from $US3 trillion to less than $US1 trillion, according to coinmarketcap.
One of them, Celsius Network, said this month that it was pausing all withdrawals and transfers, with no sign of when it would give its 1.7 million customers access to their funds. Another platform, Babel Finance, said in a notice posted online Friday that it would suspend redemptions and withdrawals on products due to “unusual liquidity pressures".“And the reason why prices are going down is because there is a lot of concern the sector is overleveraged.
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