The price of bitcoin breached $19,000 and ethereum fell below $1,000 extending the brutal crypto bear market to new lows.
Bitcoin plunged nearly 10% in less than 24 hours, adding to a series of sustained losses over the last several months. It now sits below $20,000 for the first time since November 2020, down more than 70% from an all-time high of $68,000 per coin in November 2021. Bitcoin has lost $900 billion in value since that peak.
The pandemic brought a period of hypergrowth to the crypto sector as young investors suddenly flush with stimulus cash sought to invest in digital currency and meme stocks.
The crypto world is reeling from the $60 billion collapse last month of two other major tokens, Terra-Luna and Celsius. Those losses have increased doubts about the general stability of digital currency.
The massive crypto meltdown is part of a larger market downturn brought on by elevated inflation, rising interest rates, war in Ukraine, Covid lockdowns and supply chain chaos.
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