The price of Bitcoin continued to fall, giving way to the $19,000 level following $20,000.
According to foreign media reports on the 18th local time, Bitcoin fell below $19,000 per piece for the first time since December 2020.
According to CoinDesk, a cryptocurrency information site, the price of Bitcoin was trading at $18,642.86 as of 2pm eastern time in the US, down 9.30% from 24 hours ago.
According to Bloomberg News, "Bitcoin has collapsed on a record," saying, "Stress in the cryptocurrency industry is intensifying due to the effects of monetary tightening."
Bitcoin fell for the 12th day in a row as fears over risky assets spread as inflationary pressures and interest rate hikes weighed on capital markets.
Bloomberg reported that Bitcoin broke through the highs of the 2017 bull cycle of $19,511 and this is the first time in its nearly 12-year trading history that it has fallen below the peak of a previous bull market.
Not only Bitcoin, the leader of the virtual currency, but other cryptocurrencies also fell all at once.
Ethereum, the second largest in terms of market capitalization, broke the $1,000 mark, its lowest level since January 2021.
Both Bitcoin and Ethereum have fallen in value by more than 70% from their all-time highs in November of last year.
In addition, altcoins such as Cardano, Solana, Dogecoin, and Polkadot plunged 8-12% compared to 24 hours ago.