Bitcoin Falls Below $20,000 for the First Time Since December 2020

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[Asia Economy Reporter Minyoung Kim] The value of Bitcoin, a representative cryptocurrency, has fallen below $20,000 for the first time since December 2020.

According to Bloomberg News, the price of Bitcoin continued its downward trend, reaching $19,377 at 3:52 PM on the 18th. Experts pointed out that the sharp drop in Bitcoin's price is due to concerns over a global economic recession.

Edward Moya, senior market analyst at investment firm Oanda, explained, "As recession fears grow, the preference for risk assets has completely diminished," adding, "Because of this, cryptocurrency traders remain cautious about buying Bitcoin even at such low prices."