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

Indian drone strike kills 3 separatist leaders in Myanmar
- 4 hours ago
WhatsApp introduces new feature to show how many people are typing in group chats
- 7 hours ago
Rawalpindi to Multan bus meets accident; 5 in critical condition
- 9 hours ago

Wildlife force deployed as no-bird zones enforced near Lahore airport
- 9 hours ago

Emergency vaccination reduced deaths by nearly 60% during epidemics, study finds
- 6 hours ago
Karachi police bust betel nut smuggling hidden in cement sacks
- 4 hours ago
Frontier Constabulary to become countrywide force under new ordinance
- 4 hours ago
Iran confirms assassination attempt on President Pezeshkian amid Israeli airstrikes
- 8 hours ago
Kim Jong-un offers full support to Russia in Ukraine war
- 6 hours ago

PTI expels five lawmakers for defying party policy
- 4 hours ago

Sindh police give 10-day deadline to personnel to quit gutka, mawa use
- 7 hours ago

High risk near rivers as Tarbela spillways open today
- 8 hours ago