LONDON — The price of bitcoin fell below $20,000 on Saturday for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening.
It's the latest sign of turmoil in the cryptocurrency industry amid wider turbulence in financial markets. Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation. Cesare Fracassi, a finance professor at the University of Texas at Austin who leads the school’s Blockchain Initiative, believes Bitcoin's fall under the psychological threshold isn't a big deal. Instead, he said the focus should be on recent news from lending platforms.
As Charlie Munger once said 'cryptocurrency is rat poison.'
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