Bitcoin drops below $20,000 as crypto market tumult continues

Bitcoin fell below $20,000 amid a broader market downturn.

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As of press time, bitcoin was trading hands at $19,217 on Coinbase, according to TradingView. Bitcoin reached a low of $19,052 before recovering somewhat.

Ether, the native cryptocurrency of the Ethereum network and the second-largest cryptocurrency by market capitalization, also saw its price fall early Saturday, hitting a low of $988. ETH is currently trading at $997.

The market developments come amid multiple crises in the crypto market. Celsius, a major crypto lender, halted withdrawals and transfers Sunday, and has since remained quiet about future steps. 

Crypto hedge fund Three Arrows Capital is facing insolvency after seeing its positions liquidated by multiple counterparties in the market. 

Related:  Aragon Project adds $20 million in ether to treasury for safety amid FTX collapse

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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