Bitcoin's price has dropped below $24,000 | Crypto Crash
The price of bitcoin has dropped by nearly a fifth to its lowest level since 2020, as part of a broader market selloff fueled by concerns about rising US interest rates.
Bitcoin fell 18% from its Friday evening high to trade at $23,824.
Another cryptocurrency, Ethereum, fell 27% to $1,222, according to CoinDesk.
As the crypto market experienced turbulence, a widely used lender to the industry froze customer withdrawals.
Consumer price inflation in the United States was 8.6 percent in May, exceeding expectations.
In recent weeks, cryptocurrencies have moved in lockstep with traditional markets, albeit with greater volatility.
The global crypto market cap has dropped below $1 trillion to 977 billion, a drop of around 12% in a single day.
Bitcoin's price has dropped by 20.86 percent in the last seven days.
According to Markus Thielen, chief investment officer of IDEG Asset Management, cryptocurrency traders have begun to believe the Fed will act more aggressively if there are no clear signs of inflation slowing.
A massive sell-off appears to be dragging the crypto markets down.
Crypto is regarded as an extremely risky investment. Before making any investment decisions, please consult with your financial advisor.