Bitcoin fell below $20,000 on Saturday, reaching its lowest level in 18 months, as investors shied away from riskier assets in the face of rising interest rates.
At 0906 GMT, the largest cryptocurrency was down 7.1 percent to $18,993, after hitting a low of $18,732 for the first time since December 2020.
It has lost around 59 percent of its value this year, while Ethereum-backed ether has lost 73 percent.
After cryptocurrency lending provider Celsius stopped withdrawals and transfers between accounts this week, the digital currency market took a beating.
Companies including Coinbase Global Inc, Gemini, and Blockfi have announced layoffs of thousands of staff as investors flee hazardous assets.
