Bitcoin value plunges below $US20,000 for first time since 2020
ABCBitcoin fell below the psychologically important threshold of $US20,000 on Saturday for the first time since late 2020, in a fresh sign that the sell-off in cryptocurrencies is deepening. Key points: The cryptocurrency industry has seen turmoil amid wider turbulence in financial markets Bitcoin hit an all time high of $US69,000 The overall market value of cryptocurrency assets has fallen from $US3 trillion to below $US1 trillion The price of the most-popular cryptocurrency had plunged by as much as 12 per cent to less than $US18,100 by late afternoon on the East Coast, according to the cryptocurrency news site CoinDesk. The overall market value of cryptocurrency assets has fallen from $US3 trillion to below $US1 trillion, according to coinmarketcap.com, which tracks crypto prices. Cryptocurrency exchange platform Coinbase announced on Tuesday that it had laid off about 18 per cent of its workforce, with co-founder and chief executive Brian Armstrong placing some of the blame on a coming "crypto winter".