Bitcoin Inches up Above Psychological Threshold of $20,000
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| FILE - An advertisement for Bitcoin, a cryptocurrency, is displayed on a building in Hong Kong, on November 18, 2021. Prices of Bitcoin and other cryptocurrencies crashed on Monday, June 13, 2022 after major crypto lender Celsius halted all withdrawals citing tough market conditions. “It is the second collapse of part of the crypto world in the last two months. (AP Photo/Kin Cheung, File) (Kin Cheung, Copyright 2021 The Associated Press. All rights reserved) |
Bitcoin Inch Above Psychological Threshold of $20,000
Bitcoin price rallied above $20,000 on Sunday after the broader cryptocurrency's sell-off pushed it below the previous day's psychological high.
The most common cryptocurrency price in the world was $20,129.70 as of Sunday afternoon. On Saturday, bitcoin fell as much as 9.7% to below $18,600 by late afternoon on the East Coast, according to cryptocurrency news site CoinDesk. At some points during Saturday, it was less than $18,000.
However, the volatile cryptocurrency rose on Sunday, although it is still down from its November 2020 all-time high of $69,000 by more than 70%. Many in the industry thought it would never go under $20,000 again.
Ethereum, another widely followed cryptocurrency that has fallen in recent weeks, suffered a similar drop on Saturday to below $1,000 but regained strength on Sunday, adding almost 11% to $1,101.81.