Bitcoin plunged almost 8% on Saturday to breach the psychologically important $20,000 level for the first time since November, according to CoinDesk data.
The biggest cryptocurrency was down 7.11% to $18,739.50 at 1000 GMT, having earlier touched $18,732, its lowest since December 2020.
It is down about 32% over the past month and almost 60% this year.
The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.
The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets.
- Jim Pollard. with Reuters