Bitcoin drops $20,000 as crypto meltdown continues

The price of bitcoin breached $19,000 and Ethereum fell below $1,000 Saturday morning, extending the brutal crypto bear market to new lows.

Bitcoin plunged nearly 10% in less than 24 hours, adding to a series of sustained losses over the last several months.

It now sits below $20,000 for the first time since November 2020, down more than 70% from an all-time high of $68,000 per coin in November 2021. Bitcoin has lost $900 billion in value since that peak.

The second-largest digital token plummeted 10% on Saturday to $975, its lowest level since January 2021. The coin lost 80% of its value from its record high last November.

Ethereum, another widely followed cryptocurrency that has been sliding in recent weeks, took a similar tumble Saturday.

The massive crypto meltdown is part of a larger market downturn brought on by elevated inflation, rising interest rates, the war in Ukraine, Covid lockdowns, and supply chain chaos.

This week, the Federal Reserve increased interest rates by 75 basis points, the largest hike since 1994.

The S&P 500 is also in a bear market and posted its worst week on record since 2020.