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Bitcoin value plunges below $20,000 for the first time since 2020

Bitcoin fell below the psychologically important US$20,000 ($29,000) threshold on Saturday for the first time since late 2020, in another sign that cryptocurrency selling is deepening.

The price of the most popular cryptocurrency had fallen 12% to below $18,100 by late afternoon on the East Coast, according to cryptocurrency news site CoinDesk.

Bitcoin was last at this level in November 2020, when it was on its way to an all-time high of nearly US$69,000, according to CoinDesk.

Many industry players believed it would not fall below US$20,000.

Bitcoin has now lost over 70% of its value since peaking.

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