Bitcoin plunged through several closely watched price levels to the lowest since late 2020 as evidence of deepening stress within the crypto industry keeps piling up against a backdrop of monetary tightening.
The largest digital token by market value tumbled as much as 15% to $17,599 on Saturday, marking a record-breaking 12th consecutive daily decline, according to Bloomberg data. It’s still only the biggest drop since last Monday. The currency recovered some of those losses and was trading at $19,075 as of 8:30 a.m. in Singapore Sunday.
Ether fell as much as 19% to $881, the lowest since January 2021, before climbing 11% to $1,005 on Sunday morning in Singapore. The two bellwethers of the crypto market are both down more than 70% from all-time highs set in early November.
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