Bitcoin, the world's most popular cryptocurrency, saw its price fall to the region of $20,000 amidst concerns of a potential crash of the digital-coin market.
Bitcoin falls to an 18th month low
This is the lowest the crypto currency has traded since December 2020.
The price of the world's most popular digital coin fell as much as 17.38% to $23,252 on Monday, according to data from Coinmarketcap.
It is the weakest that the world's largest digital currency has traded since December 2020. In the past 24 hour, the price moved between an intraday low of $22,812.38 and soon climbed to $28,153.60.
Other cryptocurrencies also saw a fall in their price amidst sell-off by investors. Prices of Ethereum, BNB and XRP among others also went down steeply by 19.25, 13.07 and 13.10 per cents within the same period respectively.
“Things can and likely will get worse before they get better,” said Steven McClurg, co-founder and CIO, crypto fund manager Valkyrie Investments, according to a Bloomberg report.
By extension, the shares of companies that have embraced crypto also fell.
MicroStrategy Inc. ,the software company that made buying Bitcoin as part of its corporate strategy, fell as much as 28 per cent.
Similarly, shares of Jack Dorsey’s Block Inc, Bitcoin miners Marathon Digital Holdings Inc. and Riot Blockchain Inc. dropped by as much as 10 per cent, 19 per cent and 16 per cents respectively.
Binance, the largest crypto trading platform, temporarily suspended withdrawals of the Bitcoin network citing transaction processing issues as the reason. However, withdrawal is still possible on other platforms.
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