Bitcoin plunges to lowest price since 2020 amid broader sell-off

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The price of one bitcoin briefly fell below $27,000 on Thursday morning, the lowest price for the cryptocurrency since 2020. The world's leading virtual currency bounced back later in the day and now trades at $28,600. But that's still 20 percent below the price one week ago and 57 percent below last November's peak.

Bitcoin's fall is part of a broader cryptocurrency sell-off. Ethereum is currently down 8 percent over the last 24 hours and 28 percent over the last week. Additionally, cardano (39 percent), dogecoin (36 percent), and litecoin (32 percent) have all fallen during the past week.

Perhaps most alarming for the cryptocurrency world: "Stablecoin" tether lost its peg to the US dollar early Thursday, briefly dipping to 96 cents. Tether is now trading at $1 once again.

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