Price Of Bitcoin Drops Below $20,000 As Crypto Crash Continues

Bitcoin was trading at $19,318 at 7:30 a.m. ET, down 8.3% over the past 24 hours.

Over the past seven days, the world’s most valuable cryptocurrency has dropped by more than 33%, causing its total market cap to slump from $580 billion to just above $400 billion.

Since hitting an all-time high of $68,990 in November last year, the cryptocurrency has now fallen in value by more than 70%.

Ethereum slid another 8.6% over the past 24 hours to $1,009, off 39% from a week ago, while other currencies affected by the selloff included BNB, down 6.7% over the past 24 hours, Dogecoin (-5.5%) and Solana (-4.8%).

The sharp downturn in prices began earlier this week after major crypto lender Celsius announced it was halting all withdrawals, raising fears about its future.

On Tuesday, rumors popped up about crypto-focused Singapore-based hedge fund Three Arrows Capital facing possible insolvency after it dumped $40 million of staked Ether tokens.

The issue was further compounded after Three Arrows Capital co-founder Su Zhu cryptically tweeted that his company was “communicating with relevant parties and fully committed to working this out,” without offering any additional details.