Bitcoin price falls below $20K for first time since 2020
Bitcoin (BTC) achieved a bear market first on June 18 as BTC price action gave up $20,000 support.
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD sliding under $20,000 for the first time since December 2020, reaching press-time lows of $19,066.
As nerves heightened after the United States Federal Reserve's comments on the inflation outlook, crypto markets bore the brunt of a sell-off, which began after shock Consumer Price Index (CPI) figures last week.
Losing the psychologically significant $20,000 mark, Bitcoin also achieved a lifetime first — dropping below its previous halving cycle's high for the first time in its history.
There's a first time for everything https://t.co/1qLdb67aHR
The largest cryptocurrency had until now avoided such a move, this being reserved for altcoins, notably Ether (ETH) earlier in the week.
Reacting, commentators attributed the latest weakness to liquidity problems at investment fund Three Arrows Capital (commonly known as 3AC) in addition to existing troubles tied to FinTech protocol Celsius and the overall macro environment.
Luna, Celcius, 3AC = Contagion Those will lead to more blowups that we are yet to hear of Things likely get worse before they better. Until you start hearing about how all of these are intertwined and cause other funds to unwind becoming forced sellers https://t.co/oju42hSCNw
Three Arrows co-founder Zhu Su said that the firm was "in the process of communicating with relevant parties and fully committed to working this out," without confirming specific problems.
The abrupt dip below $20,000 came during weekend trading where thin order book liquidity amplified volatility.
BTC/USD thus sealed 37% losses for the first two weeks of the month, making June 2022
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