Bitcoin drops to levels last seen in December 2020

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[LISTEN] Monday was pretty brutal for stock markets, but it was even more brutal for Bitcoin. The cryptocurrency crashed over 17%. MoneywebNews Cryptocurrencies



Yeah. I don’t know what to say. It might be just our conversations. Good evening. How are you doing? Well, over the weekend you had news develop about Celsius. Celsius is essentially one of the top 10 crypto platforms globally. It’s probably the second-largest lending platform within the crypto space, and they’ve halted all of their withdrawals. So that’ll send ripples throughout the entire cryptocurrency ecosystem. It has been a brutal period. Whether or not that is what’s been driving the decline may have been one of the factors, but you’ve seen Bitcoin down 15%-odd today, Ethereum down 17%.

Well, there has always been this air around Celsius, where there’s been, I guess, strange dealings that have happened with the directors and some sort of senior management within that company. There’s a lot of other crypto lenders out there. Nexo is another provider, and Blockfire. These other entities have got slightly different licensing arrangements. They’ve been quite outspoken about Celsius over the years. It’s always easy to say this in hindsight.

 

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