The price of bitcoin has fallen below $20,000 as a brutal selloff in cryptocurrencies deepened. Bitcoin BTCUSD, +3.70% fell momentarily to $18,739.50 and stayed below $20,000 on Saturday, according to CoinDesk, losing 72% of its value from its high in November. Concerns about the Federal Reserve’s actions to tame higher-than-expected inflation have pushed both stocks and cryptocurrencies into a bear market. Bitcoin’s slide from its record high of $67,802 in November has contributed to a roughly $2 trillion wipeout in the broader market. Crypto’s total market capitalization, which peaked in November at nearly $3 trillion, stood at around $846 billion Saturday, according to data provider CoinMarketCap.

Source: Wall Street Journal June 18, 2022 18:45 UTC