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.
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 Pentagon faces an uncertain future with TrumpTalking Point The president-elect has nominated conservative commentator Pete Hegseth to lead the Defense Department
-
This is what you should know about State Department travel advisories and warningsIn Depth Stay safe on your international adventures
-
'All Tyson-Paul promised was spectacle and, in the end, that's all we got'Instant Opinion Opinion, comment and editorials of the day
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Donald Trump's bitcoin obsessionThe Explainer Former president's crypto conversion a 'classic Trumpian transactional relationship', partly driven by ego-boosting NFTs
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
