As Bitcoin Drops Below $19,000, the Cryptocurrency Markets are Further Rattled.

At 2004 GMT on Thursday, Bitcoin was dropped 6.1 percent to $18,866.77, down $1,226.41 from its previous closing and down 60.9 percent from the year's high of $48,234 on March 28. Bitcoin is the biggest and best-known cryptocurrency.

July 01, 2022 - 01:13 PM 265 views

As Bitcoin Drops Below $19,000, the Cryptocurrency Markets are Further Rattled.

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© As Bitcoin Drops Below $19,000, the Cryptocurrency Markets are Further Rattled.

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At 2004 GMT on Thursday, Bitcoin was dropped 6.1 percent to $18,866.77, down $1,226.41 from its previous closing and down 60.9 percent from the year's high of $48,234 on March 28. Bitcoin is the biggest and best-known cryptocurrency.

 The cryptocurrency markets have seen challenges from a number of major participants, and further dips may compel other investors to sell holdings to make margin calls and pay losses.

The price of Ether, the cryptocurrency connected to the Ethereum blockchain, fell by $82.38 on Thursday to settle at $1,016.08.

Since U.S.-based lender Celsius Network announced this month that it will stop accepting withdrawals, both digital assets have struggled. The apparent collapse of cryptocurrency hedge fund Three Arrows Capital, which a person with knowledge of the situation told Reuters had entered liquidation, further shook bitcoin and ether.

The spectacular collapse of so-called stablecoin TerraUSD in May, which resulted in the stablecoin and its linked token losing nearly all of their value, can be blamed for many of the industry's current issues.

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