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HONG KONG: The cryptocurrency industry was on edge on Monday morning as investors feared contagion from problems at major crypto players could unleash a major shakeout if not contained.

Bitcoin which has lost 57% so far this year and 37% this month, fell below $20,000 over the weekend for the first time since December 2020. The level is of symbolic significance, as it was roughly the peak of the 2017 cycle.

Bitcoin last down 7.4% at $18,915

The price fall follows difficulties at several major industry players, while further declines could have a knock on effect as other crypto investors are forced to sell their holdings to meet margin calls and cover losses.

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