Bitcoin falls to $20,000-mark, cryptocurrency market in red

Bitcoin’s price on Wednesday fell to $20,000-mark as the nosedive in cryptocurrency markets has wiped out millions of dollars. The sudden plunge in crypto values, which started in May amid a broader economic slowdown, continued as investors remained jittery.

The world’s largest and the most popular cryptocurrency, Bitcoin, dipped for a fourth consecutive day. On Wednesday, Bitcoin’s price was down to $20,162.20.

The world’s second largest cryptocurrency in terms of market capitalization, Ethereum, crashed to $1,135.39.

“Since the start of this week, Bitcoin and most cryptocurrencies have been facing turbulence with market movements. On Tuesday, Bitcoin fell below US$21,000, with increasing selling pressure, sending the largest crypto slightly lower than Monday,” Edul Patel, Co-Founder & CEO of Mudrex said.

“If bulls can attempt to move Bitcoin above the US$21,000 level and hold, we might see BTC trading at US$22,000 in the coming days,” Patel said.

Other cryptocurrencies such as XRP was down by 3.24 per cent, Solana fell 7.40 per cent, Cardano was down by 2.96 per cent, Stellar was down 3.22 per cent, Polkadot fell 5.76 per cent.

Dogecoin fell 7.27 per cent, Avalanche was down by 4.92 per cent, and Shiba Inu was down by 7.60 per cent.

ALSO READ | Rupee opens at all-time low of 78.86 against US dollar