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Cryptocurrencies

Bitcoin sinks below $20,000 to 18-month low amid wider crypto fears

Retail investors stand to 'be scarred forever' from tanking sector

Bitcoin's price has broken below the key threshold of $20,000 for the first time since November 2020.   © Reuters

(Reuters) -- Bitcoin dropped below the $20,000 level on Saturday to its lowest point in 18 months, extending its slide as investors showed they were unnerved by growing troubles in the industry and as the general pullback from riskier assets continued.

The digital currency sector has been pummeled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts, while crypto companies started laying off employees and there were reports that a cryptocurrency hedge fund ran into trouble. 

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