Bitcoin is experiencing its worst week since November, as a combination of factors weigh heavily on the cryptocurrency’s value.
The largest token fell 2.1% in Asia on Friday, dropping below $20,000 for the first time since January, after falling over 8% on Thursday.
The equity selloff and the fear of higher interest rates have affected investor sentiment, while the US regulatory crackdown on crypto has further hurt the cryptocurrency sector.
The Securities & Exchange Commission contends that many cryptocoins are securities, making them harder to trade.
The latest headlines suggest that Bitcoin’s value may hover between $15,500 to $25,000.
Analysts attribute the decline to the recent dormancy of Silvergate’s payment platform for crypto firms and Chair Jerome Powell’s stance that the Federal Reserve is likely to take rates higher than previously expected.
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