Bitcoin plunges toward $20,000 as crypto meltdown continues

[superadmin]

Bitcoin briefly dropped below $17,800 as sell-off accelerates — here’s what happened

• Bitcoin fell to about $17,749, and ether fell to about $897 on Saturday afternoon, as the sell-off in the crypto market accelerates.
  
• Bitcoin bounced back to around $18,955 and ether was trading at about $955 just after 8 p.m. ET.
  
• Bitcoin peaked at $68,789.63 in November.
  

Bitcoin plunged to about $17,749 and ether fell to about $897 at around 4:15 E.T. on Saturday afternoon, as the sell-off in the crypto market accelerates. The world’s two most popular cryptocurrencies are down more than 35% in the past week, as both breach symbolic price barriers.

Bitcoin bounced back to around $18,955 and ether was trading at about $995 just after 8 p.m. ET.

The carnage in the crypto market is partly caused by pressure from macroeconomic forces, including spiraling inflation and a succession of Fed rate hikes. We have also seen these blue chip cryptos track equities lower. It doesn’t help that crypto firms are laying off large swaths of employees, and some of the most popular names in the industry are facing solvency meltdowns.

Bitcoin peaked at $68,789.63 in November. Ether peaked at $4,891.70 that same month. Bitcoin last traded this low around December 2020.
Here’s how we got here.

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