Bitcoin goes past psychological threshold of $20,000 after significant drop

The price of a bitcoin inched above USD 20,000 on Sunday after the broader crypto selloff dragged it below the significant psychological threshold a day earlier.

The price of the world’s most popular cryptocurrency was USD 20,129.70 as of Sunday afternoon. On Saturday, bitcoin had plunged as much as 9.7 per cent to less than USD 18,600 by late afternoon on the East Coast, according to the cryptocurrency news site CoinDesk. At some points during Saturday, it was below USD 18,000.

On Sunday, though, the volatile cryptocurrency climbed higher, though it is still more than 70 per cent below its November 2020 all-time high of nearly USD 69,000. Many in the industry had believed it would not fall under USD 20,000 again.