Bitcoin dropped below $25,000 to its lowest level since December 2020 as Celsius Network paused withdrawals, swaps and transfers on its platform, fueling a broader market selloff.Bitcoin and other major cryptocurrencies tumbled on Monday after $12 billion lender Celsius Network halted customer withdrawals, in the latest sign of intensifying strains across the digital assets industry.
The value of the cryptocurrency market fell below $1 trillion on Monday for the first time since January 2021, according to data site CoinMarketCap, reaching as low as $926 billion. “As inflation proves to be an even trickier opponent to beat than expected, bitcoin and ether are continuing to get a severe bruising in the ring,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. “They are prime victims of the flight away from risky assets as investors fret about spiralling consumer prices around the world.”
Ether, which is considered a proxy for sentiment for digital asset projects that offer investors high yields, has dropped almost 30 per cent since Friday, leaving it down by two-thirds in dollar terms this year.
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