© Reuters. FILE PHOTO: A neon emblem of cryptocurrency Bitcoin is seen on the Crypstation cafe, in downtown Buenos Aires, Argentina Could 5, 2022. Image taken Could 5, 2022. REUTERS/Agustin Marcarian
(Reuters) -Bitcoin dropped beneath $20,000 on Saturday to its lowest stage in 18 months, extending its slide as buyers pull again from riskier belongings amid rising rates of interest.
The largest cryptocurrency was down 7.1% to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020.
It’s down about 59% this yr, whereas rival cryptocurrency Ethereum-backed ether is down 73%.
The digital forex sector has been pummelled this week after cryptocurrency lending firm Celsius froze withdrawals and transfers between accounts.
The sector has additionally suffered losses after firms resembling Coinbase (NASDAQ:) International Inc, Gemini and Blockfi mentioned they’d lay off hundreds of workers as buyers ditch dangerous belongings.