The price of bitcoin (BTC) has fallen below the $20,000 level for the first time since mid-January because a wave of bearish news has overwhelmed crypto’s strong 2023 uptrend.
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The largest cryptocurrency by market capitalization quickly regained some of its lost ground late Thursday (ET) and was recently hovering at about $20,040, down 7.7% over the past 24 hours.
After reaching a record high of over $69,000 in November 2021, bitcoin tumbled late that year and all through 2022 to begin 2023 at around $16,600. A powerful rally into mid-February had bitcoin ahead more than 50% for the year at one point to $25,000.
