Bitcoin tumbles below $20,000

The currency has fallen below $20,000

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The price of Bitcoin has fallen below $20,000 after a brutal sell-off in cryptocurrency.

According to the CoinDesk on Saturday, the Bitcoin fell as low as $19.217.81 and stayed below $20,000. After achieving the highest value in November last year, the cryptocurrency has lost 72 percent of its value.

According to the Crypto Investors, the aggressive interest rates from the US Federal reserve coupled with a worsening liquidity crunch have played role in the fall.

The Coin Metrics Data has said that the price of Bitcoin has fallen 9 percent in the last 24 hours.