Bitcoin drops below $20,000 as crypto meltdown continues

Bitcoin now sits below $20,000 for the first time since November 2020, down 70% from an all-time high of $68,000 per coin in November 2021. Ether is also experiencing a so-called crypto winter. The massive crypto meltdown is part of a larger market downturn brought on by elevated inflation, rising interest rates, war in Ukraine, supply chain chaos. The S&P 500 is also in a bear market and posted its worst week on record since 2020, the worst week since 2010. The Federal Reserve increased interest rates by 75 basis points this week, the largest hike since 1994, leading to a retreat from all assets. The market has also posted a worst week ever since 2010, according to CNN's Business Intelligence. Source