Is this a fresh sign that the sell-off in cryptocurrencies is deepening?
Bitcoin has now lost more than 70 per cent of its value since reaching its peak.
Bitcoin fell below the important threshold of $20,000 this weekend for the first time since late 20-20.
It was November 2020 when bitcoin was last at that level, when it was on its way up to an all-time high of nearly $69,000
Now it’s a different story, Bitcoin is on track to lose 75 per cent of its value since reaching its peak.
Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation.
The overall market value of crypto assets has fallen from $US3 trillion to below $US1 trillion.
