Bitcoin Drops Below $20,000, Set for Worst Week Since FTX Crash
[ad_1]
Bitcoin is having its worst week since November as an equity selloff, fear over higher interest rates and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment.The largest token fell as much 3.2% on Friday, breaking below $20,000 for the first time since January, after falling more than 8% on Thursday. Smaller coins like Ether, Solana and Cardano also added to losses. A rout in US bank stocks on Thursday stoked concerns that rising borrowing costs are creating a treacherous economic and investing outlook. In New York, the state regulator sued KuCoin, a popular crypto exchange, and in the process claimed in court that second-largest token Ether is a security. The US Securities & Exchange Commission also contends that many cryptocoins are securitie...