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Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

Bitcoin crashes below $20,000, reaches 2-year record-low

  • By Al Mayadeen English
  • Source: Agencies
  • 18 Jun 2022 11:52
2 Min Read

Bitcoin falls by another 6% in value reaching a record low for the first time since December 2020. This crash is the second of its kind after bitcoin lost around 50% of its value earlier in May.

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  • bitcoin drops below $20,000 for the first time since December 2020 (Reuters)
    bitcoin drops below $20,000 for the first time since December 2020 (Reuters)

For the first time since December 2020, Bitcoin fell 6.98% in value thus dropping below the $20,000 mark, as shown by trading data on Saturday. At 07:00GMT on Saturday, Bitcoin hit $19,487 as shown on the largest cryptocurrency exchange platform, Binance.

CoinMarketCap, a portal that calculates the average of over 20 exchanges, the price of Bitcoin sunk to $19,554, falling by 6.50%.

Earlier in May, Bitcoin’s price fell by almost 50 percent from its November record high as the value of most risky assets dropped, on May 9th, due to fears that the Federal Reserve could send the US economy into recession by embarking on the highest rate hike in three decades.

Read more: FBI eyes crypto economy after OpenSea employee arrested

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Furthermore, Ethereum and other cryptocurrencies also crashed earlier this month in parallel to the stock crash and global economic recession. 

Ethereum, the second most valuable cryptocurrency in the market, experienced a brutal drop following Bitcoin’s crash. The currency’s value sank by 15% in two days after an aggressive sell-off by investors.

Ethereum is now valued at a low of $996.88, which is the lowest it has gotten since March 2021. The cryptocurrency peaked at $4,878 which meant that the drop in value with respect to the highest value reached is approximately 94.8%. 

Previously this month, the Federal Reserve increased its target interest rate by three-quarters of a percentage point and estimated a slowing economy and more unemployment in the coming months.

"The Committee decided to raise the target range for the federal funds rate to 1-1/2 to 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate," the central bank’s Federal Open Market Committee (FOMC) said in a statement on its monthly rate decision for June.
 
The rate hike was the biggest since 1994, and US central bank officials warned of a faster rate hike in the future.

Read more: Pelosi blames US inflation on “war in Iraq”

  • Cryptocurrency
  • Cryptomarkets
  • Bitcoin
  • Ethereum
  • Federal reserve
  • Bitcoin crash

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