HomeCrypto NewsBitcoinBitcoin Price Drops Below $20K For First Time Since...

Bitcoin Price Drops Below $20K For The First Time Since 2020

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A devastating day of losses as Bitcoin for the first time in history fell below the previous cycle high.

Data from Cointelegraph Markets Pro , and TradingView confirmed BTC/USD slide down less than 20.000 dollars for the first time since December 12, hitting a low of $2020 at press time.

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Anxieties Raised After US Federal Reserve Comments On Inflation, Crypto Markets Bear the brunt of a sell-off after shocking Consumer Price Index (CPI) data last week.

Loss of psychologically important $20.000 mark, for the first time in history, Bitcoin for the first time in history has fallen below the previous cycle high.

Especially Ether has also now slipped below the $1.000 mark for the first time since January 1.

Commentators attributed the sell-off to liquidity problem of an investment fund Three Arrows Capital (commonly known as 3AC).

BTC/USD already 37% reduction in the first two weeks of June, making June 6 the worst June on record.

History shows that during previous bear markets, BTC typically dropped 80-84,5%, which puts BTC/USD somewhere between $11.000 and $14.000.

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