Bitcoin Slides Below $20,000 to Lowest Level in 18 Months
At 0734 GMT on Saturday, bitcoin had plummeted 6.53 percent to $19,106.37, a loss of $1,334.33 from its previous closing.

Bitcoin fell more than 13% at one point on Saturday, plummeting below the carefully monitored $20,000 threshold to its lowest level in 18 months, as investor concerns about the industry's developing issues and a broader pullback from riskier assets fueled a decline.
This week, the digital currency market took a beating when bitcoin lending provider Celsius halted withdrawals and transfers between accounts, and crypto companies began laying off personnel. A bitcoin hedge fund was also said to be in peril, according to reports.
The developments have coincided with a stock market sell-off, with U.S. stocks falling by the most in two years on concerns about increasing interest rates and the greater risk of a recession.
The rapid speed and magnitude of bitcoin losses, along with the stock market's decline, may put the cryptocurrency's backing in jeopardy among a variety of investment groups.
While some institutions bought bitcoin in the hopes of diversifying their portfolios away from stock and bond losses, "it hasn't proved that it is an uncorrelated asset," according to Michael Purves, founder and CEO of Tallbacken Capital.
"Given that the usefulness of bitcoin has yet to be shown," he added, "the rationale for institutions to purchase the drop is more challenging presently."
"I believe this will slash through $15,000," he predicted. "On the negative, there's a lot of speed."
By Saturday afternoon, Bitcoin, the most popular cryptocurrency, had lost roughly 13.7 percent to a low of $17,593 – its lowest level since December 2020 – before recovering to $18,556, still down 9.22 percent.
It has lost around 60% of its value this year, while Ethereum-backed ether has lost 74%. Bitcoin reached a high of more than $68,000 in 2021.
On Saturday, Edward Moya, senior market analyst at OANDA, stated, "Breaking $20,000 tells you that trust in the crypto business has crumbled and that you're witnessing the newest pressures."
"Even the biggest crypto cheerleaders from the massive rally are suddenly silent," Moya remarked. They remain confident in the long run, but they do not believe now is the moment to purchase the drop."
Investors are fleeing riskier assets, prompting businesses like Coinbase Global Inc, Gemini, and BlockFi to lay off thousands of staff.
Retail investors who purchased the asset are being affected hard by the downturn.
"A huge number of individuals will be permanently damaged," Moya warned, referring to retail purchasers. "However, there are still a lot of individuals who were on the verge of getting into the sector, and there is still a lot of curiosity."
Levels of expertise
On Wednesday, DoubleLine Capital CEO Jeffrey Gundlach said he wouldn't be shocked if bitcoin plummeted below $10,000.
Others believe that if the market continues to deteriorate, more investors may be forced to sell bitcoin, which gained along with other risky assets during the period of pandemic-related stimulation.
"The $20,000 level for Bitcoin is a critical technical milestone, and a drop below that level might result in additional margin calls and forced liquidations," said Jay Hatfield, chief investment officer of Infrastructure Capital Management in New York.
"Bitcoin might go below $10,000 this year when the Fed (Federal Reserve) liquidity-driven bubble collapses, bringing bitcoin back to pre-pandemic values," he warned.
Bitcoin was in risk of closing below key critical levels highlighted by technical analysis at Saturday's lows, reinforcing pessimistic sentiment.
One of those marks was $19,225, which corresponded to a 76.4 percent Fibonacci retracement of the stock's gain during the epidemic.
The other was $19,666, which was the last bitcoin rally's cycle high, which peaked in 2017.
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