Crypto Market Plummets $2T Amid Bitcoin Slump Below $20K

• Bitcoin price fell below $20,000 after its biggest dump since November 2022
• The selloff was largely fueled by negative news such as the New York Attorney General suing KuCoin and reports of a US tax on Bitcoin mining
• Ethereum price also plunged to lows of $1,375 in response to the news

Bitcoin Breaks Below $20K Amid Crypto Bloodbath

Bitcoin price fell below $20,000 after its biggest dump since November 2022. The top crypto asset by market cap dumped amid broader selloff for cryptocurrencies, largely fueled by negative news.

What Caused the Selloff?

Among other news, the New York Attorney General has sued KuCoin over offering of unregistered securities, with Ethereum named as one of the securities. Another headline news likely to have fueled fresh downside for crypto was reports that the US was targeting a new tax on Bitcoin mining. Huobi Token’s flash crash and a security breach on Hedera also added to the broader market bloodbath.

What This Means for Bitcoin Price?

The market’s reaction saw Bitcoin price drop nearly 10% in the past 24 hours amid negative cryptocurrency news that could yet catalyse further losses. As the Bitcoin price chart below shows, the value of BTC fell to lows of $19,569 on cryptocurrency exchange Bitstamp.

Crypto Analyst Reaction

Crypto analyst Miles Deutscher highlighted this confluence of negative triggers, noting that stocks and cryptocurrencies have shed over $2 trillion in market cap over th

Conclusion

Overall selloff pressure continues to mount due to these factors and could lead to further dips in bitcoin and other crypto prices.