The world’s largest cryptocurrency fell 15% on Monday, its sharpest one-day drop since March 2020. It has shed about half its value this year and over 20% since Friday alone. Since its record high of $69,000 in November, it has slumped nearly 70%.
The move, combined with expectations of sharper U.S. Federal Reserve interest rate hikes after high U.S. inflation data last week, pushed the value of the crypto market under $1 trillion for the first time since January 2021.“With the broader risk sentiment firmly negative the sellers have had it all their own way for a few days,” said Richard Usher at crypto firm BCB Group, adding that demand from “medium term investors” was returning.
No. 2 token ether also recovered somewhat after losing as much as 10% to $1,075, a fresh 15-month low. Ether is down 75% from its record high of $4,869, hit in November.Celsius, which has around $11.8 billion in assets, offers interest-bearing products to customers who deposit crypto at its platform. It then lends out coins to earn a return.
Crypto-linked stocks also tumbled, with MicroStrategy plummetting 25%, and crypto exchange Coinbase Global losing 11.4%.
Ban crypto JustinTrudeau like yesterday !! Do the country a favour and respect the fallen 😠😤
Markets in general. How is Netflix or Disney? Hmmm Anyone miss Trump yet?
Capitulation is part of the cycle. Buy when everyone else is scared.