Bitcoin fell below $20,000 on Saturday following the digital currency’s losses, which led to a nearly 60% drop from its highest level this year.
Bitcoin, the world’s largest and most popular cryptocurrency, fell 1.5 percent to $19,946 in the latest trade, down $298 from its previous close.
As such, it has fallen 58.7% from its high this year of $48,234, which was recorded on March 28.
Meanwhile, Ether, the second-largest cryptocurrency, fell 2.76 percent to $1,467.2, down $41.60 from its previous close.
Bitcoin’s decline comes after a weak day for the currency on Friday, as it fell more than three percent as Wall Street fell and its three major indexes closed down.
Earlier, the US Federal Reserve (central bank) warned banks about the risks associated with participating in the crypto asset sector.
The bank said that while the emerging sector offers potential opportunities for banks and their customers, “activities related to crypto-assets may pose risks related to safety, consumer protection and financial stability,” according to the German news agency.
He continued that he is monitoring developments in the crypto assets sector due to increased risks.
He noted: Banks that wish to participate in the digital currency sector must inform the central bank in advance to ensure the legality of the activities they intend to do.
On the other hand, Bill Gates, billionaire and co-founder of Microsoft, emphasized that he is not a fan of digital currencies, saying that the phenomenon of digital currencies is 100% based on a larger theory of deception.
“I’m used to the assets being a farm that produces crops, or a company that produces crops (…) As for cryptocurrencies, I’m not interested in those things,” Gates explained.
Source: Lebanon Debate
