Crypto news | Bitcoin Rises Above $20,000 Psychological Threshold

Crypto news | Bitcoin Rises Above $20,000 Psychological Threshold

After falling below the psychological threshold a day earlier due to the wider crypto selloff, the price of a bitcoin has crept beyond $20,000 today.

California’s OAKLAND (AP) — After being forced below the important psychological threshold the previous day by the wider crypto selloff, the price of a bitcoin climbed marginally above $20,000 on Sunday.

As of Sunday afternoon, the value of the most widely used cryptocurrency in the world was $20,129.70. According to the cryptocurrency news website CoinDesk, bitcoin had fallen as much as 9.7% on Saturday by late afternoon on the East Coast, to less than $18,600. On Saturday, it fell as low as $18,000 at times.

Even if the erratic cryptocurrency increased on Sunday, it is still over $69,000, or more than 70%, behind its all-time high from November 2020. Many in the sector had predicted that it would never drop below $20,000 once more.

Ethereum, a very well-known cryptocurrency that has been losing ground lately, experienced a similar decline on Saturday, falling well below $1,000, but it also gained ground on Sunday, rising by about 11% to $1,101.81.

In addition to general financial market instability, the bitcoin business has experienced turmoil. Since the beginning of the coronavirus outbreak in 2020, this past week was Wall Street’s worst performance.

Because central banks are hiking interest rates to battle accelerating inflation, investors are selling off riskier assets. Higher rates can reduce inflation, but they also increase the likelihood of a recession by making it more expensive for people and businesses to borrow money and driving down the value of stocks and other investments like cryptocurrency.

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