The leading cryptocurrency has been consistently positively correlated with the Nasdaq since late November, unlike in previous years where it would routinely turn negative, meaning they moved in opposite directions.
Global stock markets mainly dropped on Friday, with investors focused firmly on the outlook for interest rate hikes as central banks battle to bring down sky-high inflation.
The world's largest cryptocurrency fell as much as 7.8% to $20,289, its lowest since December 2020. It has lost around 28% since Friday and more than half of its value this year. It has slumped about 70% from its record high of $69,000 in November.
Bitcoin fell below the $27,000 level as the sell-off in the cryptocurrency world continues. Bitcoin price fell almost 9% to $26,848.20 (€25,659) on Thursday, according to data from Coin Metrics.
The world's largest cryptocurrency fell 5% to around $29,700 on Monday in Asian trade, sliding alongside stocks because of worries about high inflation and rising interest rates.
The price of bitcoin fell below $20,000 for the first time since late 2020 on Saturday, in a fresh sign that the selloff in cryptocurrencies is deepening.
Bitcoin which has lost 57% so far this year and 37% this month, fell below $20,000 over the weekend for the first time since December 2020. The level is of symbolic significance, as it was roughly the peak of the 2017 cycle.
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Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world’s biggest and best-known cryptocurrency,