Bitcoin Plunges Below $20,000 Mark As Crypto Freefall Continues

Bitcoin Plunges Below $20,000 Mark As Crypto Freefall Continues


Cryptocurrency continued its freefall, as Bitcoin fell below $20,000 Saturday and smaller tokens also shed value.

The value of Bitcoin dropped 9% in a 24-hour period to $19,217.81, according to Coin Metrics data. It was the lowest level for the benchmark cryptocurrency in one and a half years.

“Objectively, looking at the chart, there really is no viable support left,” Europac.com Chief Economist Peter Schiff tweeted. Most likely, Bitcoin will find short-term support along the long-term trend line around $6K.”

LATEST: Bitcoin falls below $20,000 for the first time since December 2020 ⬇️ https://t.co/q7cTL3ekXT pic.twitter.com/mdbygMAMoY

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— Bloomberg (@business) June 18, 2022

Bitcoin has fallen 33% over the last week, dropping its total market capitalization to $370 billion from $580. Since hitting an all-time high of $67,567 on November 8, 2021,

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