Bitcoin hits 18-month low

Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

The biggest cryptocurrency was down 7.1 per cent to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020.

It is down about 59 per cent this year, while rival cryptocurrency Ethereum-backed ether is down 73 per cent.