Bitcoin Falls Below $20,000 for the First Time Since 2020

(Bloomberg) — Bitcoin dropped below $20,000 for the first time since December 2020 as evidence of deepening stress within the crypto industry keeps piling up against a backdrop of monetary tightening.

The largest token by market value tumbled more than 9% to $18,740.52 by early morning in London on Saturday, marking a record-breaking 12th straight day in the red according to Bloomberg data. Ether breached $1,000 and dropped almost 11% to $975.24, the lowest since January 2021.