OAKLAND, California. – The price of one bitcoin surged above $20,000 on Sunday after the broader crypto sell-off dragged it below the significant psychological threshold a day earlier.
The price of the world’s most popular cryptocurrency was $20,129.70 as of Sunday afternoon. On Saturday, Bitcoin had crashed by up to 9.7% to less than $18,600 on the East Coast by late afternoon, according to cryptocurrency news site CoinDesk. It was below $18,000 at some points on Saturday.
On Sunday, however, the volatile cryptocurrency surged higher, despite still being down more than 70% from its November 2020 all-time high of nearly $69,000. Many in the industry had thought it wouldn’t drop below $20,000 again.
Ethereum, another widely held cryptocurrency that has slipped in recent weeks, saw a similar plunge to well below $1,000 on Saturday but also regained ground on Sunday, gaining nearly 11% to $1,101.81.
The cryptocurrency industry has seen turmoil amid major turmoil in the financial markets. Last week was Wall Street’s worst since 2020, in the early days of the coronavirus pandemic.
Investors are selling riskier assets as central banks raise interest rates to combat accelerating inflation. Higher interest rates can help bring down inflation, but they also increase the likelihood of a recession by raising the cost of borrowing for consumers and businesses, and depressing the prices of stocks and other investments like cryptocurrencies.
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https://www.local10.com/business/2022/06/19/bitcoin-inches-up-above-psychological-threshold-of-20000/ Bitcoin is above the $20,000 psychological threshold