Bitcoin sinks under $20,000 to lowest level since late 2020 as crypto selloff continues

According to data from CoinGecko, the price of digital currency fell to its lowest level since the end of 2020.

After falling as low as $18,739, the price of the largest coin regained some ground, but still remained under $20,000.

It has fallen more than 70% since hitting a record high of almost $69,000 in November last year against a backdrop of soaring inflation and a looming recession.

The price of ether fell to its lowest level since the beginning of last year.

The S&P 500 fell 5.8% this week, making it the biggest weekly drop since March 2020. It was the worst week for the index since October of 2011.

The collapse of the price ofCryptocurrencies has resulted in the laying off of 20% of the workforces at the two platforms.

Some firms have stopped trading on their platforms due to the decline. Users' funds were stuck on the app after Celsius stopped letting customers make withdrawals, transfers and swaps.