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BREAKING
President al-Mashat: Our armed forces, represented by our air defenses, will soon turn the Zionist enemy’s aircraft into a subject of ridicule.
President al-Mashat: Good news about the Zionist enemy’s aircraft used in aggression against our country will reach you soon, God willing.
President al-Mashat: Our armed forces will be able to deal with hostile Zionist aircraft without causing any harm to air or maritime navigation.
President al-Mashat: To ensure the safety of airliners, they must avoid navigating along the routes used by the Zionist entity to carry out aggression against our country.
Yemeni President Mahdi al-Mashat: For the safety of air and maritime navigation in areas where our armed forces operate, we have directed that the routes used by the Zionist enemy to attack our country be designated as dangerous.
Hamas official says despite this, Hamas leadership is currently undertaking a thorough review of the new proposal
Hamas official says the response fails to meet any of the just and legitimate demands of our people
Hamas official says it is clear that the Israeli response fundamentally seeks to entrench the occupation
Reuters citing Hamas official: Group received Israeli response to Witkoff proposal
Sources to Al Mayadeen: The news regarding a press conference tonight by the head of the Hamas movement in the Gaza Strip, Khalil Al-Hayya, is false.

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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