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Beware! Crypto Industry On Edge; Investors Fear Wider Market Shakeout

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ndtv.com

Bitcoin had dropped on Saturday to as low as $17,592.78.The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout.Bitcoin, the world's biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours - roughly the peak of its charge to its previous record in 2017.Bitcoin had dropped on Saturday to as low as $17,592.78, falling below $20,000 for the first time since December 2020.

It has lost almost 60% of its value this year and 37% this month alone in the cryptocurrency sector's latest meltdown.Its fall follows problems at several major industry players.

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