Bitcoin drops below $17,800 as sell-off accelerates — here’s what happened
https://www.cnbc.com/2022/06/18/bitc...celerates.html
Bitcoin plunged to $17,749 and ether fell to $897, as of about 4:15 E.T. on Saturday afternoon, as the sell-off in the crypto market accelerates. The world’s two most popular cryptocurrencies are down more than 35% in the past week, as both breach symbolic price barriers.
Bitcoin peaked at $68,789.63 in November. Ether peaked at $4,891.70 that same month. Bitcoin last traded this low around November 2020.
The carnage in the crypto market is partly caused by pressure from macroeconomic forces, including spiraling inflation and a succession of Fed rate hikes. We have also seen these blue chip cryptos track equities lower. It doesn’t help that crypto firms are laying off large swaths of employees, and some of the most popular names in the industry are facing solvency meltdowns.