Bitcoin continues rapid slide, drops 12% to nearly $18,000 amid economic turmoil

Multiple cryptos saw sharp drops.
A representation of Bitcoin
A representation of Bitcoin

Bitcoin on Saturday continued its brutal dip, plunging roughly 12% over a single day amid wider economic fallout stemming from inflation, supply chain crises and high interest rates. 

The prominent cryptocurrency finished at just above $18,000 on Saturday afternoon, having earlier broke the $19,000 floor for the first time since 2020. 

Multiple other cryptocurrencies plunged as well, according to Coin Metrics, including Ethereum and Chronos, both of which dipped 15% and 12%, respectively. 

The sharp drops come amid broader economic turmoil including falling stock markets and market chaos related to ongoing inflationary woes and supply chain crises. 

The Dow, meanwhile, has plunged thousands of points over the course of June, tumbling from around 33,000 during the first week of June to just under 29,000 on Friday.