The Crypto Crash of June has brought Bitcoin down to levels last seen in 2020 when the cryptocurrency hovered below the $20,000 range. It has now reached that level again since reaching a high of $60,000 just a month back.
The world’s most popular digital currency traded at $18,993 down 7% after touching $18,723 its lowest since December 2020 just hours before. For the year, Bitcoin is down 59% while Ethereum backed Ether is down even further at 73%. The asset class has been seeing a massive sell-off after cryptocurrency lending firm Celsius froze withdrawals and transfers on all its account holders causing further spooks on the market.
Probally enduring the worst period of its existence, the sector suffered losses when companies like Coinbase Global, Gemini, and Blockfi announced they would lay off thousands of employees after investors started dumping risky assets.