HONG KONG, CHINA - FEBRUARY 15: Pedestrians walk past a display of cryptocurrency Bitcoin on February 15, 2022 in Hong Kong, China. Cryptocurrencies are gaining popularity worldwide as investors seek to diversify into the new asset class despite wild swings in the valuations of assets like Bitcoin and Ethereum in the first weeks of the year. Buying and selling crypto is becoming common in many places, like Hong Kong, where regulators have so far avoided using a heavy hand to manage crypto platforms. (Photo by Anthony Kwan/Getty Images)

LONDON (AP) — The price of bitcoin has fallen below $20,000 for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening. Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold on Saturday. It dropped by as much as 9% to less than $19,000 and hovered around that mark, according to cryptocurrency news site CoinDesk. The last time bitcoin was at this level was in November 2020, when it was on its way up to an all-time high. Bitcoin has now lost more than 70% of its value since reaching that peak. It’s the latest sign of turmoil in the cryptocurrency industry amid wider turbulence in financial markets.