Bitcoin price falls below $20K for first time since 2020, Ethereum dips under $1K

Bitcoin (BTC) achieved a bear market first on June 18 as BTC price action gave up $20,000 support.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price crosses under 2017 all-time high

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD sliding under $20,000 for the first time since December 2020, reaching press-time lows of $19,066.

As nerves heightened after the United States Federal Reserve’s comments on the inflation outlook, crypto markets bore the brunt of a sell-off, which began after shock Consumer Price Index (CPI) figures last week.

Losing the psychologically significant $20,000 mark, Bitcoin also achieved a lifetime first — dropping below its previous halving cycle’s high for the first time in its history.

The largest cryptocurrency had until now avoided such a move, this being reserved for altcoins, notably Ether (ETH) earlier in the week, which has also now slipped below the $1,000 mark for the first time since January 2021.

Reacting, commentators attributed the latest weakness to liquidity problems at investment fund Three Arrows Capital…

Read more at cointelegraph.com

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