Jun 18, 2022 - Economy

Bitcoin falls below $20k for first time since 2020

Jacob Knutson

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

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Bitcoin falls below $20k for first time since 2020

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