Bitcoin on Friday fell to its lowest level in more than three weeks, dipping below $22,000 amid a sudden crypto sell-off in early European trading.
Bitcoin briefly plunged from $22,738 to below $21,500 at 2:30 a.m. ET, according to CoinDesk data, before recovering slightly to just under $22,000 over a ten-minute period.
It comes shortly after the world’s largest digital coin surpassed the $25,000 level for the first time since June following a rise in U.S. stocks.
Ether fell from $1,808 to $1,728 at the same time before staging a muted rebound. By 3:05 a.m. ET, it stood at $1,733, a level it has not traded at since Aug. 10.
Bitcoin and ether ended Thursday in the red, but ether has surged more than 100% since mid-June as investors prepare for a massive upgrade in the ethereum network.