• Bitcoin price fell below $20,000 after its biggest dump since November 2022.
• The selloff was largely fueled by negative news including the New York Attorney General’s lawsuit against KuCoin and reports of a new tax on Bitcoin mining.
• Ethereum price plunged to lows of $1,375 and overall cryptocurrencies shed over $2 trillion in market cap.

Bitcoin Breaks Below $20K Amid Crypto Bloodbath

Bitcoin price fell below $20,000 after its biggest dump since November 2022 amid a broader selloff for cryptocurrencies.

Cause of the Selloff

The selloff was largely fueled by negative news including the New York Attorney General’s lawsuit against KuCoin over offering of unregistered securities with Ethereum named as one of the securities. Reports that crypto bank Silvergate was winding down also added to selling pressure as did news that US is targeting a new tax on Bitcoin mining, Huobi Token’s flash crash and a security breach on Hedera.

Impact on Cryptocurrency Prices

The market’s reaction saw Ethereum price plunge to lows of $1,375 and overall cryptocurrencies shed over $2 trillion in market cap.

Bitcoin Price Chart

Bitcoin Price Chart Source: TradingView

Conclusion
< p > As crypto analyst Miles Deutscher highlighted this confluence of negative triggers could yet catalyse further losses for Bitcoin and other cryptocurrencies.