August 20, 2022
The price of bitcoin dropped to around $22,000 on Friday, its lowest level in more than three weeks, as a result of an unexpected crypto sell-off in early European trading.
According to CoinDesk data, Bitcoin momentarily fell from $22,738 to below $21,500 at 2:30 a.m. ET before bouncing back somewhat to just under $22,000 within a ten-minute span.
It occurs just after the largest digital coin in the world reached $25,000 for the first time since June as a result of an increase in U.S. stocks.
At the same time, Ether dropped from $1,808 to $1,728 before staging a modest comeback. At 3:05 a.m. ET, it was trading at $1,733, its lowest price since August 10.
It was not immediately clear what caused the decline, which also saw Binance Coin, Cardano, and Solana decrease.
Bitcoin and ether both lost money on Thursday, but ether has increased by more than 100% since mid-June as investors get ready for a significant ethereum network update.
Source: CNBC
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