The world's largest cryptocurrency fell as much as 7.8% to $20,079.72, its lowest since December 2020.
Expectations of a 75 basis-point interest rate hike from the US Federal Reserve later on Wednesday amid blistering inflation have also pressured risky assets from cryptocurrencies to stocks. "Some parts of the broader crypto ecosystem are facing a rather harsh reckoning," said Mikkel Morch, executive director at digital asset hedge fund ARK36.
The chaos in the crypto market has spread to other companies, with a number of exchanges slashing workforces.
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