Helping to send bitcoin back into the teens were the continuing plunge in traditional financial markets alongside spreading panic among crypto lending platforms.Read MoreFeedzy
Bitcoin (BTC) sank below $20,000 for the first time since December 2020, losing 9.5% in the past 24 hours. At time of publication, the largest cryptocurrency by market cap was changing hands around $18,984.1 after trading at a low of $18,739.50.
Ether (ETH), the second largest crypto, also continued its decline, falling 9.78% to about $992 at time of publication.
The crypto panic – which began a few weeks ago with the Terra ecosystem collapse and then spread to the Celsius platform – has moved on to hedge fund Three Arrow Capital, which reportedly had its collateral liquidated by crypto lender BlockFi.
Checking traditional markets, U.S. stocks saw more massive selling on Thursday, with the Nasdaq tumbling 4.1% and the S&P 500 3.25% before a slight recovery on Friday. For the week, the Nasdaq and S&P are each lower by about 6%.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
The crypto market’s fear gauge hit 15 — deep inside “Extreme Fear” territory — yet…
Bitcoin is outperforming equities and gold since the Middle East conflict began, as institutional inflows…
Bitcoin’s recent price action may be showing its first signs of relief as a closely…
Hougan says bitcoin could reach that milestone if it captures a larger share of the…
After another failed attempt at breaking the $74,000 resistance, the Bitcoin price continues to hover…
Prominent analyst Darkfost shares that Bitcoin remains a long time away from establishing a new…