Bitcoin slides below $20,000 to lowest level in 18 months

FILE PHOTO: A neon logo of cryptocurrency Bitcoin is seen at the Crypstation cafe, in downtown Buenos Aires, Argentina May 5, 2022. Picture taken May 5, 2022. REUTERS/Agustin Marcarian

(Reuters) -Bitcoin tumbled more than 13% at one point on Saturday, crashing below the closely watched $20,000 level to its weakest level in 18 months, as it extended a slide on investor worries about growing troubles in the industry and the general pull-back from riskier assets.

The digital currency sector has been pummeled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts, while crypto companies started laying off employees. There also were reports that a cryptocurrency hedge fund had run into trouble.