Bitcoin slumps below $20,000 as cryptocurrency rout rolls on

Bitcoin BTCUSD traded down 8% to $19,029, extending a slide from its November peak of $68,924.78. The slide coincides with the Federal Reserve announcing, and then starting, its interest-rate hike campaign, with expectations the Fed funds rate may reach 4%.Bitcoin BTCUSD traded down 8% to $19,029, extending a slide from its November peak of $68,924.78.

Broader signs of trouble in crypto markets emerged with the May collapse of the Terra blockchain, and got worse this week following crypto lender Celsius Network Ltd.’s decision to halt withdrawals.In addition, crypto hedge fund Three Arrows Capital suffered large losses and said it was considering asset sales or a bailout, while another lender, Babel Finance, followed in Celsius’s footsteps on Friday.

See also: Crypto crash: Celsius, Three Arrows potential contagion worries investors. Here’s what to watchThe bitcoin decline means it’s actually taken out the high from the past cycle.Cryptocurrencies often fluctuate wildly on the weekends, when other financial markets are closed. Altcoins were no exception to soured investor appetite in the wake of Bitcoin’s fall, Bloomberg reported. Cardano, Solana, Dogecoin and Polkadot recorded 24-hour falls of between 7% and 10% on Saturday, while privacy tokens such as Monero and Zcash lost as much as 9%.

Going to $0

Crytpo was always a shell game for most.

20k is about right. I wouldn't expect it to correct much more.

It's not even where it was at pre-pandemic. Stop all the whining.

Y'all shoulda listened to Warren Buffett, who wisely said re. crypto-currencies, DON'T TOUCH THE STUFF.

Let it go to zero so the adults in the room can get back to work in real investing.

No first aid around here. What do we do?

Job Opening: Crypto News Editor: Job Description - Just report Bitcoin price every 1 fucking minute. Annual Salary:1,000,000 Terra.

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