Bitcoin dropped below the $20,000 mark on Saturday, extending a brutal slide in cryptocurrencies.
The price of bitcoin fell 9% in 24 hours to $19,217.81, according to Coin Metrics data.
The last time bitcoin fell below that level was December 2020.
Ether, the second-largest token, plunged 10% to $997.75, its lowest level since January 2021.
Crypto investors are grappling with aggressive interest rate hikes from the U.S. Federal Reserve and a worsening liquidity crunch that has pushed major players into financial difficulty.
Elsewhere, the crypto space is still reeling from the fallout of the $60 billion collapse of two major tokens last month.
Bitcoin just fell 30% in the past week.
Another key player, Three Arrows Capital, is in the midst of its own liquidity crisis.