As the market continues to reel from job cuts, rumors about impending insolvency at major firms and a steep interest rate hike by the U.S. Federal Reserve, the price of the digital currency fell under $20,000 for the first time since December 2020.
It was the first time in over a year that the digital currency fell below 20 grand.
At 7:30 a.m., the price of the digital currency was $19,490. Over the last 24 hours, it was down 8.1%.
The total market cap of the world's most valuablecryptocurrencies has fallen from $580 billion to $370 billion in the last seven days.
Since hitting an all-time high of $68,990 in November last year, thecryptocurrencies has fallen in value.
Other currencies affected by the selloff included BNB, which was down 6.5% over the past 24 hours, as well as Dogecoin, which was down 4.9%.
The downturn in prices began this week after major lender Celsius said it was suspending all withdrawals.
On Tuesday, there were rumors about a Singapore-based hedge fund, Three Arrows Capital, facing possible insolvency after dumping 40% of its stake in the digital currency ether.
The issue was further compounded after Three Arrows Capital co- founder Su Zhu cryptically said that his company was communicating with relevant parties and was committed to working this out.
That's a billion dollars. That is the total market cap of all Cryptocurrencies. It was the first time in over a year that the number fell.
The story is evolving and will be updated.
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