Bitcoin is struggling to overcome the bearish market as its value shows no sign of recovering from the drop. Consequently, the BTC price fell below $20,000 on June 18, the first time since 2020.
According to data from TradingView, BTC/USD hit a low of $19,066, dropping below $20,000 for the first time since December 2020.
Thanks to the price slump below the $20,000 mark, the top digital asset also achieved a lifetime first — dropping below its previous halving cycle’s high for the first time in its history.
It is important to note that the popular crypto asset had until now avoided such a move.
Ethereum Follows Bitcoin, Drops Below $1,000
Ethereum, the second most prominent cryptocurrency, also slumped below the $1,000 mark for the first time since January 2021.
Just like Bitcoin, the ETH price hit a low of $988 on June 18, and it is currently trading at $997.
Price Crash Affecting Crypto Businesses
Crypto firms are also suffering from the ongoing slump in the general prices because of their direct ties to the digital asset class. So it is no surprise that many of these firms are trying to cut costs by reducing their workforce and services.
For example, Coinbase followed the steps of other crypto companies like Gemini, BlockFi and Crypto.com and laid off almost 18% of its employees as the company cited that the crypto winter would affect the books negatively.
In addition, the upcoming crypto bank, Celsius, suddenly stopped withdrawals and transfers on Sunday and no update has been made from them.
Crypto hedge fund Three Arrows Capital is facing insolvency after seeing its positions liquidated by multiple counterparties in the market.