Bitcoin fell below $ 19 thousand for the first time since November 2020

on June 18, the bitcoin exchange rate fell to $ 19 thousand, having fallen in price by 39% since June 6, when the latest wave of sharp declines in the price of bitcoin began. The cryptocurrency’s capitalization fell to $ 368 billion with daily trading volumes of $ 24 billion.

Other major cryptocurrencies, such as Ethereum, Binance Coin, Monero, Avalanche, Cardano, Solana, and Dogecoin, are also falling in price.

One of the main reasons for the sharp decline in cryptocurrencies is the «storm» in the US stock market, which, in turn, began after the US Federal Reserve announced a 75 basis point increase in the key rate. The last time the US regulator raised the rate by 75 bps was in 1994.

Another factor, which is called situational, is the problems of another major crypto project — the Celsius platform with more than 1 million users. On Monday, June 13, Celsius announced the suspension of withdrawals due to «extreme market conditions.»

Experts call the state of the cryptocurrency market a «perfect storm» or «severe crypto winter» and predict a further decline in the price of bitcoin to $ 10 thousand by the fall.