Bitcoin Plunges Below $20,000 for First Time Since End of 2020

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Bitcoin continued to fall Saturday, dropping below $20,000. The last time the cryptocurrency was worth less was at the end of 2020, when it began its meteoric rise in value to peak at more than $67,000 last November. 

Bitcoin, along with other cryptocurrencies, dropped dramatically throughout 2022 as coin holders sold their holdings due to the downturn of the economy. The decline in value has affected crypto exchanges, with Coinbase and Crypto.com saying they’d lay off a portion of their workforces

Regulators and legislators have set their eyes on crypto, with the US Securities and Exchange Commission investigating cryptocurrency exchange Binance, and laws in state houses looking to put the brakes on crypto mining.