The price of bitcoin lurched below $ 20,000, and below a level widely monitored by cryptocurrency enthusiasts, as a brutal selloff in crypto showed no signs of abating.

Bitcoin fell as low as 18,739.50 and stayed below $ 20,000 on Saturday, according to CoinDesk, losing 72% of its value from its high in November. Concerns about the Federal Reserve’s actions to tame higher-than-expected inflation have pushed both stocks and cryptocurrencies into a bear market. Big names in the industry, including Coinbase Global Inc., the biggest cryptocurrency exchange in the US, have recently announced job cuts.

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