Crypto update: Bitcoin’s unrelenting selloff puts prices on verge of $20k

Bitcoin tumbled again, driving the token to the brink of $20,000 as evidence of deepening stress within the crypto industry kept piling up.

There’s a growing sense of anxiety about the stability of crypto projects large and small. Tron founder Justin Sun’s roughly month-old stablecoin USDD drifted from its intended dollar peg, at one point dipping below 96 cents, data from CoinGecko show. A tweet from the co-founder of crypto hedge fund Three Arrows Capital fueled speculation that it had suffered large losses.

Bitcoin fell as much as 8.6% on Wednesday $20,081.95. The largest token has fallen for nine straight days, the longest losing streak since 2014. Ether was on the cusp of breaking the $1,000 mark after a 10% plunge.