Cryptocurrencies fall sharply bitcoin price below 20000 dollar since 2020

Cryptocurrencies prices: The price of bitcoin fell below $20,000 on Saturday for the first time since the end of 2020, as selling in cryptocurrencies increased. Bitcoin, the most popular cryptocurrency, fell 9 percent to less than $19,000 according to CoinDesk. The last time bitcoin was at this level was in November 2020.

70% broken bitcoin

This was followed by bitcoin reaching an all-time high of $69,000. Bitcoin has lost over 70% of its value since reaching this level. Ethereum, the other cryptocurrency, has also fallen sharply in recent weeks. It continued to decline on Saturday as well. Almost all crypto tokens were on the red mark except bitcoin. Cardano, Solana, Dogecoin and Polkadot are down between 7% and 10% on Saturday. While privacy coins like Monero and Zcash fell by 9%.

What do experts say

Central banks around the world are raising interest rates to combat high inflation, forcing investors to sell riskier assets. "An escalating bearish outlook is adding to the risk. Therefore, trade in crypto with caution. Be cautious about buying bitcoin," said Edward Moya, senior market analyst at Oanda, in a note on Thursday.