## [# ‘Crypto Winter’: Pain Continues As Bitcoin Dips Below $20,000](/sections/bitcoin-crypto/crypto-winter-pain-continues-bitcoin-dips-below-20000)
# ‘Crypto Winter’: Pain Continues As Bitcoin Dips Below $20,000
Bitcoin trading is at its lowest price since December 2020.
[](/contributors/theo-andrew)
[By Theo Andrew](/contributors/theo-andrew)
Jun 21, 2022
Edited by: Theo Andrew
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**London** – Cryptocurrency exchange-traded products (ETPs) are continuing to feel the pain as bitcoin dipped below $20,000 on Sunday 19 July, its lowest point in 18 months.
Despite rising back above the price milestone there is no sign of respite for bitcoin which continues to face macro and micro headwinds including falling equity markets and skyrocketing inflation.
Sentiment for cryptocurrency is already at its lowest ebb and was driven down further last week after crypto lending agency Celsius Network paused all account withdrawals and transfers – causing bitcoin to drop more than 7.8%.
It means that bitcoin is down 58% year to date and around 31% in the last month alone, dragging down other cryptocurrencies in the process.
Ethereum is down 42.9% in the month to 20 June while solana and litecoin have fallen 36.3% and 22.3%, respectively.
**Ecosystem Impact**
The crypto crash is looking to seriously impact the ecosystem, with crypto exchange platform Coinbase anticipating a “crypto winter” – where prices fall and stay low for a long period – after it announced it would be laying off 18% of its staff.
Furthermore, crypto hedge fund Three Arrows Capital assessing its options including a bailout from another firm, the *Wall Street Journal*, reported.
Despite this, there are signs investors are seeing it as a buying opportunity.
Antony Portno, managing director at Traders of Crypto, said there is potential for a rebound in bitcoin which “appears to be in the oversold category”.
21Shares has also seen investor interest peak over the past month. The crypto ETP issuer said it has recorded $30m inflows since mid-May, with [21Shares Bitcoin ETP](https://www.etfstream.com/news/crypto-winter-pain-continues-as-bitcoin-dips-below-20-000/) (ABTC) accounting for 30% of inflows.
ABTC recorded $7.3m of inflows in the last week alone, according to data from ETF Logic, while the [21Shares Cardano ETP](https://www.etfstream.com/news/crypto-winter-pain-continues-as-bitcoin-dips-below-20-000/) (AADA) has seen inflows of $1.2m.
Elsewhere, the [CoinShares](https://www.etfstream.com/companies/coinshares/) Physical Bitcoin (BITC) saw inflows of $9.2m over the same period and the CoinShares Physical Ethereum (ETH) saw inflows of $1m.
The market has already faced several shocks this year, including the [depegging](https://www.etfstream.com/news/terra-etps-plummet-as-stablecoin-de-pegs-from-us-dollar/) of stablecoin TerraUSD from the US dollar, causing its sister crypto coin luna to plummet in value.
It caused several issuers, including VanEck and 21Shares, to [suspended creations and redemptions](https://www.etfstream.com/news/21shares-valour-and-vaneck-suspend-terra-etps/) on their terra ETPs.
***\[Editor’s note:*** *[This article originally appeared](https://www.etfstream.com/news/crypto-winter-pain-continues-as-bitcoin-dips-below-20-000/) on ETF Stream\]*
[ Theo Andrew ](/contributors/theo-andrew)
Theo Andrew joined ETF Stream as a senior reporter in September 2021. He has over four years of investment writing experience spanning pensions and… [View Bio](/contributors/theo-andrew)
Related Topics [Crypto](http://www.etf.com/topics/cryptocurrency)
[Bitcoin](http://www.etf.com/topics/bitcoin)
[Blockchain](http://www.etf.com/topics/blockchain)