Bad News for Bitcoin Fans

The market for cryptocurrencies has once again fallen below $1 trillion, with a current value of $997 billion.

The king of cryptocurrencies, Bitcoin, has fallen below the crucial $20,000 mark for the first time since July 14.

The same anxiety that ruled the markets in May, June, and the beginning of July is returning. 

Investors predict that when the Federal Reserve rapidly raises interest rates to combat inflation, which is at its highest in 40 years, the economy may enter a recession.

Bitcoin was trading around $1,000 on January 6, 2014. Prices dropped the following day and did not rise again until February 2, 2017. 

One of the biggest and oldest bitcoin exchanges, Mt. Gox, vanished in February 2014. 

After repeated security lapses, the company temporarily halted withdrawals, losing around 850,000 bitcoins in the process.