Bitcoin clawed its way back from a weekend low-point, managing to hit more than $20,500 on Monday. The popular cryptocurrency’s price fell below $20,000 Saturday and continued dropping Sunday to a low of $17,786.
The last time the cryptocurrency was worth less than $20,000 was at the end of 2020, when it began its meteoric rise in value to peak at more than $67,000 in November.
Bitcoin, along with other cryptocurrencies, have dropped dramatically throughout 2022 as coin holders sold their holdings due to the downturn of the economy. The decline in value has affected crypto exchanges, with Coinbase and Crypto.com cutting their workforces.
Regulators and legislators also have set their eyes on crypto. The US Securities and Exchange Commission is investigating cryptocurrency exchange Binance, and laws in state houses are looking to put the brakes on crypto mining.
Source: CNET
