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Bitcoin drops below $20K for first time since 2020

The price of bitcoin fell below $20,000 ($17,615) for the first time since December 2020, according to data from CoinDesk, as the broader crypto market faces a major sell-off. Ethereum also dropped to a two-year low, tumbling below $1,000 ($915) for the first time since May 2020. Bitcoin is currently trading at $20,292.28 with a market value of $366.7 billion.

What's next for Bitcoin?

According to a newsletter from Bloomberg Intelligence, the popular crypto is likely to remain under pressure as it falls further in the coming weeks and could eventually drop to $15,000.

We encourage you to read our comments on the crypto market downturn for more information.