Bitcoin’s Price Falls Below $20,000

The price of bitcoin has fallen below the key psychological level of $20,000 as a brutal selloff in cryptocurrencies deepened.

Bitcoin fell momentarily to $18,739.50 and stayed below $20,000 on Saturday, according to CoinDesk, losing 72% of its value from its high in November. Concerns about the Federal Reserve’s actions to tame higher-than-expected inflation have pushed both stocks and cryptocurrencies into a bear market. Big names in the industry, including Coinbase Global Inc., the biggest cryptocurrency exchange in the U.S., have recently announced job cuts.