The collapse continues.. Bitcoin drops to its lowest level since December 2020

18 June, 2022
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The collapse continues.. Bitcoin drops to its lowest level since December 2020

The cryptocurrency market continues to collapse, posting huge losses. The collapse of the most famous digital currency, "Bitcoin", fell to record levels.

In detail, the price of Bitcoin fell by 6.98 percent, reaching below $20,000 for the first time since December 16, 2020.

According to trading data on Binance, the largest cryptocurrency exchange by trading volume, Bitcoin fell 6.98% to $19,487 thousand.

According to the portal CoinMarketCap, which calculates the average price for more than 20 exchanges, the cost of Bitcoin fell by 6.50% to $19,554 thousand. Crypto assets were hit hard earlier, after crypto lending platform Celsius temporarily suspended withdrawals, raising concerns about the company's solvency that could spread to other parts of the market.

This was followed by the suspension of the largest cryptocurrency exchange in the world, “Binance”, for withdrawals as well.

Crypto bank BlockFi announced job cuts due to the impact of the market turmoil on businesses.


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