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AP
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European benchmarks are higher after most Asian markets retreated, while the price of bitcoin hovered near $20,000. U.S. futures advanced and oil prices fell back early Monday. China kept its 1-year and 5-year loan prime rates unchanged as it struggles to spur a recovery while keeping coronavirus outbreaks under control. U.S. markets will be closed for the Juneteenth holiday and Federal Reserve Chair Jerome Powell is set to testify before Congress later in the week. The price of bitcoin, the world’s most popular cryptocurrency bounced during the weekend, at one point plunging nearly 10% to under $18,600, according to the cryptocurrency news site CoinDesk.

AP
  • Updated

The price of bitcoin has fallen below $20,000 for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening. Bitcoin, the most popular cryptocurrency, dropped under the psychologically important threshold on Saturday. It plunged by as much as 12% to less than $18,100 by late afternoon East Coast time, according to cryptocurrency news site CoinDesk. The last time bitcoin was at this level was in November 2020, when it was on its way up to an all-time high. Bitcoin has now lost more than 70% of its value since reaching that peak. It’s the latest sign of turmoil in the cryptocurrency industry amid wider turbulence in financial markets.

AP
  • Updated

The price of bitcoin and other cryptocurrencies have tumbled after the major crypto lender Celsius halted all withdrawals citing “extreme market conditions." It is the second collapse of a part of the crypto world in the last two months. The stablecoin Terra imploded in early May, erasing tens of billions of dollars worth of value in a matter of hours. Bitcoin was trading at roughly $23,400 Monday afternoon, down more than 16% in the past day. Ethereum, another widely followed cryptocurrency, was down more than 20%.

AP
  • Updated

Meltdowns in the cryptocurrency space are common, but the latest one has served as a vivid reminder that investors, both professionals and rookies, can be rolling the dice when putting money into digital assets. Over a recent two-month period, bitcoin lost nearly half its value and other cryptocurrencies fell even more. What’s more, one area of the cryptocurrency universe that is supposed to be less vulnerable to big swings suffered a spectacular collapse. Some investors took to online forums to share tales of decimated fortunes and even suicidal despair. With more and more investors showing interest in digital assets, Washington has been forced to pay attention.

-- PHOTO MOVED IN ADVANCE AND NOT FOR USE - ONLINE OR IN PRINT - BEFORE 3:01 A.M. ET ON SUNDAY, APRIL 25, 2021 -- 20Mission, a 40-room Bitcoin…