Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation.
The price of a bitcoin inched above $20,000 on Sunday after the broader crypto selloff dragged it below the significant psychological threshold a day earlier.
The overall market value of cryptocurrency assets has fallen from $3 trillion to less than $1 trillion, according to coinmarketcap.com, which tracks crypto prices. As of Saturday afternoon the company's data showed crypto's global market value stood at about $816 billion. Ethereum, another widely followed cryptocurrency that has been sliding in recent weeks, took a similar tumble Saturday to well below $1,000 but regained ground Sunday, adding nearly 11% to $1,101.81.
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