June 18 (Reuters) – Bitcoin dropped below $20,000 on
Saturday to its lowest level in 18 months, extending its slide
as investors pull back from riskier assets amid rising interest
rates.
The biggest cryptocurrency was down 7.1% to $18,993 at 0906
GMT, having earlier touched $18,732, its lowest since December
2020.
It is down about 59% this year, while rival cryptocurrency
Ethereum-backed ether is down 73%.
The digital currency sector has been pummelled this week
after cryptocurrency lending company Celsius froze withdrawals
and transfers between accounts.
The sector has also suffered losses after companies such as
Coinbase Global Inc, Gemini and Blockfi said they would
lay off thousands of employees as investors ditch risky assets.
(Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Andrew
Heavens)