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BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

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.

  • x
  • 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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