Bitcoin has plummeted below $24,000, its lowest point since the end of 2020.
It’s the most recent in a string of price drops for the cryptocurrency, which has seen its value plummet by more than 60% in the previous seven months.
Several popular cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), have suffered even worse losses than bitcoin in the last day, plunging between 15 and 25 percent.
While many crypto investors are dumping their holdings, crypto lender Celsius has informed clients that they would be unable to withdraw funds from the site for the time being.
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts,” the business said.
Today, cryptocurrency markets hit a new all-time low. The worldwide market capitalization has dropped below $1 trillion, to $977 billion, a drop of about 12% from the previous day. This year, the global cryptocurrency market valuation has dropped by about $1 trillion, and nearly every major coin is now worth half or less than its all-time high.
A major sell-off by investors amid rising inflation worries looks to be the direct cause of the crypto crisis. Riskier assets are also being avoided by investors, which is reflected in the stock markets.
To read our blog on “Bitcoin is people’s money, but with a variation, Block Inc.,” click here.
