A Bitcoin ATM in New York City on June 13. Photo: Michael M. Santiago/Getty Images
Bitcoin, the most popular cryptocurrency, sunk below $20,000 for the first time since late 2020 on Saturday.
Why it matters: Bitcoin's fall has erased tens of billions of dollars of value in the digital currency and signals broadening turmoil in the cryptocurrency market.
The big picture: The last time Bitcoin was below $20,000 was in December 2020, and many in the industry believed it would not fall below that threshold since soaring in value in 2021, according to AP.
- At one point on Saturday, Bitcoin was trading below $19,000.
- Ethereum, another major currency, also slumped, trading under $1,000 on Saturday afternoon.
Go deeper: A $181M ether bet gone bad is unfolding in real time