The price of Bitcoin on Tuesday dove to its lowest level in 18 months as the sell-off continues in cryptocurrency and global equity markets with fears of recession stemming from the Federal Reserve’s rate hikes.
Bitcoin, the world’s largest crypto by market size, saw its price further plummeting to $20,846 at 0200GMT, marking the lowest level since Dec. 16, 2020, according to official figures.
The market capitalization of Bitcoin also fell to approximately $400 billion at that time, which is a $200 billion weekly loss.
The price later climbed back to $22,850 at 0536GMT for a daily loss of more than 10%.
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