Bitcoin drops below $20,000 for the first time since Nov. 2020


The price of Bitcoin dropped below $20,000 on Saturday for the first time since Nov. 2020 and dropped below $18,000 before recovering Sunday morning to around $19,500.
Bitcoin has lost more than 70 percent of its value since it peaked in Nov. 2021 at nearly $69,000, the Financial Times reported. These losses are tied to a larger downward trend in the stock market, driven by inflation and the Federal Reserve's decision to raise interest rates.
Federal Reserve governor Christopher Waller said Saturday that he supports raising interest rates by another 0.75 percent at the Federal Reserve's July meeting. The Fed previously raised rates by 0.75 percent on Wednesday, bringing the federal funds rate up to between 1.5 and 1.75 percent.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"The Fed is 'all in' on re-establishing price stability," Waller said at a conference in Dallas.
A report from the Bureau of Labor Statistics released earlier this month showed that consumer prices jumped 8.6 percent between May 2021 and May 2022, the fastest rate of increase in four decades.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Grayson Quay was the weekend editor at TheWeek.com. His writing has also been published in National Review, the Pittsburgh Post-Gazette, Modern Age, The American Conservative, The Spectator World, and other outlets. Grayson earned his M.A. from Georgetown University in 2019.
-
France and Indonesia promote a contentious bid for an Israel-Palestine two-state solution
Talking Points Both countries have said a two-state solution is the way to end the Middle East conflict
-
Film reviews: Mission: Impossible—The Final Reckoning, Lilo & Stitch, and Final Destination: Bloodlines
Feature Tom Cruise risks life and limb to entertain us, a young girl befriends a destructive alien, and death stalks a family that resets fate's toll.
-
Music reviews: Morgan Wallen and Kali Uchis
Feature "I'm the Problem" and "Sincerely"
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
The collapse of El Salvador's bitcoin dream
Under the Radar Central American nation rolls back its controversial, world-first cryptocurrency laws
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores