By HALELUYA HADERO and KELVIN CHAN
The last time bitcoin was at that level was in November 2020, when it was on its way up to an all-time high of nearly $69,000, according to CoinDesk. Many in the industry had believed it would not fall under $20,000.Ethereum, another widely followed cryptocurrency that has been sliding in recent weeks, took a similar tumble Saturday.
A spate of cryptocurrency meltdowns has sparked urgent calls to regulate the freewheeling industry, and last week bipartisan legislation was introduced in the U.S. Senate to regulate the digital assets. The industry has also upped its lobbying efforts — flooding $20 million into congressional races this year for the first time, according to records and interviews.
“There is a lot of turbulence in the market,” Fracassi said. “And the reason why prices are going down is because there is a lot of concern the sector is overleveraged.”
At least I put all my crypto in Beanie Babies before it crashed.
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