Bitcoin price breaks below $20K amid crypto selloff

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  • For the first time since November 2022, the price of bitcoin has fallen below $20,000.
  • Top crypto assets by market cap dumped amid a widespread selloff for cryptocurrencies, driven largely by negative news.
  • Among other news, the New York Attorney General has sued KuCoin over an unregistered securities offering, naming Ethereum as one of the securities.

bitcoin price Has dropped almost 10% in the last 24 hours amid negative cryptocurrency news Which can catalyze yet more damage.

As the bitcoin price chart below shows, the leading cryptocurrency fell to a low of $19,569 by the market on cryptocurrency exchange Bitstamp.

Bitcoin price dropped below $20,000 to $19,569 on Bitstamp. Source: trading view

This was followed by a sell-off that began late Thursday night and extended into Friday morning, with the dump pushing BTC below the $20,000 psychological support area for the first time since November 2022 during the FTX dump.

Why bitcoin and crypto crashed today

as CoinJournal informed of Today’s selling pressure for cryptocurrencies comes after the New York attorney general charged crypto exchange KuCoin with charges that it sold unregistered securities, earlier Friday. The negative news was compounded by the fact that the lawsuit identified Ethereum as one of the securities.

In response to the market, Ethereum price fell to a low of $1,375 and was down 9.8% at the time of writing.

Overall selling pressure also follows crypto bank news silvergate was going down, With fears of even greater losses amid the Silicon Valley “bank run”, the company’s shares plunged nearly 50%.

Another headline news likely to bring down crypto was the report that the US was targeting a new tax on bitcoin mining. Huobi Token flash crash And a security breach on Hedera also added to the wider market bloodshed.

Crypto analyst Miles Deutscher highlighted this confluence of negative triggers, noting that stocks and cryptocurrencies have shed more than $2 trillion in market cap over the past 24 hours.

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