Bitcoin dove below $19,000 level on Saturday, its lowest level in 18 months, while the crypto market saw a $67 billion loss in just eight hours.

The price of Bitcoin plummeted to $18,742 at 0815GMT, its lowest level since December 2020, according to official figures. The world's largest crypto by market size saw its price falling 9.7% from $20,752 at 0015GMT.

Bitcoin's price later climbed back to $19,360 at 1047GMT, but the $20,000 mark is now considered a strong resistance level.

Ethereum, the world's biggest altcoin by market value, saw its price hitting as low as $975, from $1,096, during that period, before climbing back above $1,000 at that time.

The total value of the cryptocurrency market plummeted to $832 billion at 0825GMT, which is down $67 billion, or 7.4%, from $899 billion at 0035GMT.

The crypto market's total value stood around $850 billion at 1047GMT for a daily decline of 5.6%

The market, however, is significantly down from $3 trillion market cap that was recorded in November.

Recent sell-off comes as a result of the aggressive rate hiking cycle from central banks around the world, which fuels fears among investors that monetary tightening could cause a recession in global economy./agencies