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Bitcoin drops to the lowest since December 2020

The digital currency sector is reported to have been pummelled this week

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Bitcoin drops to the lowest since December 2020!

As reported, Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months.

The development has extended its slide as investors pull back from riskier assets amid rising interest rates.

Bitcoin was down 7.1% to $18,993 at 0906 GMT,

The biggest cryptocurrency earlier touched $18,732, its lowest since December 2020.

This year, Bitcoin has gone down about 59%, while rival cryptocurrency Ethereum-backed ether is down 73%.

The digital currency sector is reported to have been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.

Furthermore, the sector has also suffered losses after companies such as Coinbase Global, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets.

the authorNewsDesk