Bitcoin fell below the psychologically important threshold of $US20,000 on Saturday for the first time since late 2020, in a fresh sign that the sell-off in cryptocurrencies is deepening.
Ethereum, another widely followed cryptocurrency that has been sliding in recent weeks, took a similar tumble on Saturday.Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation.
The overall market value of cryptocurrency assets has fallen from $US3 trillion to below $US1 trillion, according to coinmarketcap.com, which tracks crypto prices.A spate of cryptocurrency meltdowns has sparked urgent calls to regulate the freewheeling industry, and last week bipartisan legislation was introduced in the US Senate to regulate the digital assets.
The industry has also upped its lobbying efforts — flooding $US20 million into congressional races this year for the first time, according to records and interviews.Watch
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