A sudden and unexpected selloff in cryptocurrencies has pushed the price of Bitcoin (BTC) below $22,000 U.S., its lowest level in more than three weeks.
Bitcoin briefly plunged from $22,738 U.S. to below $21,500 U.S. in overnight trading (August 19), according to data from CoinDesk.
The largest cryptocurrency by market capitalization, Bitcoin continues to trade right around $21,500 U.S.
The steep price decline comes after Bitcoin surpassed the key threshold of $25,000 U.S. for the first time since June following a rise in U.S. stocks, notably the share prices of technology companies.
The price of Ethereum (ETH), the second biggest cryptocurrency, fell from $1,808 U.S. to $1,728 U.S. at the same time before recovering slightly to trade at $1,733 U.S., a level it has not been at since August 10.
The price of Bitcoin is now down 55% this year, though the cryptocurrency had been rallying in recent weeks and was off its 52-week low near $19,000 U.S.
The cause of the cryptocurrency selloff, which also sent the prices of Cardano (ADA) and Solana (SOL) down sharply, is not clear.
