Price of Bitcoin dropped to $20,000
Bitcoin fell below $20,000 on Saturday for the first time since December 2020
This is indicating that the decline in cryptocurrency price is accelerating with time.
Till 2 PM on saturday, the price of bitcoin fell down more than 14% in 24 hours to $17,787, and more than 35% from last week.
If compared with is peak price, Bitcoin has now lost over 70% of its price.
The total market capitalization of cryptocurrencies has dropped down from $3 trillion to less than $1 trillion.
According to coinmarketcap.com total market value of cryptocurrencies dropped at about $816 billion as of Saturday afternoon.
Cryptocurrency exchange platform Coinbase announced Tuesday that they had removed about 18% of their employees.
The collapse in Bitcoin is not only significant as a warning sign, but also because it effects the whole crypto market selloffs.
When bitcoin price falls down the Investors lose confidence and want to sell their assets to stop losses because the coins they hold starts to loose its value.
Recently, 3AC, on which many crypto start-ups depend on for funding, suffered a huge loss after investing millions of dollars in Luna.
Due to economic uncertainties and the lack of longer historical reports, expert predictions about the downfall for Bitcoin have been not up to the point.