Investors preferring pulling back from riskier assets amid rising interest rates
Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.
The biggest cryptocurrency was down 7.1% to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020.
It is down about 59% this year, while rival cryptocurrency Ethereum-backed ether is down 73%.
The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.
The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets.
SOURCE: REUTERS
US bypasses congressional review for military sales of $8.6bn to Middle East allies
- a day ago
This billionaire could be California’s next governor — and he wants to arrest Stephen Miller
- 10 hours ago
President, PM vow to safeguard, promote press freedom
- 2 hours ago
Foreign Office terms social media post by British SRA as one-sided
- a day ago
Grand passing out parade of recruits held at Rangers Academy Mandi Bahauddin
- 35 minutes ago
The surprising reason why buying guns helps endangered species
- 10 hours ago
KSA reverses decision to impose minimum age limit of 15 years for Hajj within hours of its announcement
- 21 hours ago
PSL 11 Final: Peshawar Zalmi Face Hyderabad Kings in Lahore today
- 2 hours ago
Finance Minister vows investor-friendly policy environment
- a day ago
Pakistan successfully tests Abdali missile, demonstrates strategic strength
- 3 hours ago
The Voting Rights Act is all but dead. Prepare for maximum gerrymandering.
- 10 hours ago
Why famous people want to be death doulas
- 10 hours ago
