Bitcoin fell slightly below $ 21,000 on Tuesday before recovering slightly, widening yesterday’s losses as cryptocurrency sell-offs continued.
The world’s largest cryptocurrency has fallen 11,235 in the last 24 hours to $ 22,922.5, according to investing.com. At the same time, Ethereum is down 10.81% and is moving at $ 1,228.98.
“Everything is on fire right now, whether it’s stocks, cryptocurrencies, or whatever,” said Nirmal Ranga, a senior executive at the ZebPay cryptocurrency exchange, according to CNBC.
“What you see in the market is fear, uncertainty and doubt. Technically, the markets seem oversold and there must be some downside to bitcoin in the near future,” he told CNBC.
Cryptocurrencies were pounded on Monday as trading platforms such as Celsius and Binance halted withdrawals and some companies cut jobs.
Celsius said the withdrawals, exchanges and transfers between accounts would be suspended due to “extreme market conditions” and that the move was aimed at “stabilizing liquidity and operations”.
Meanwhile, Binance, the world’s largest cryptocurrency exchange, stopped Bitcoin withdrawals for more than three hours “due to a transaction that stuck and caused an outstanding balance”.
It is noted that the capitalization of the cryptocurrency market fell below 1 trillion. dollars on Monday for the first time since February 2021, according to data from CoinMarketCap. About $ 200 billion has been “wiped out” from the market in recent days.
The sell-off in cryptocurrencies comes as investors widely shy away from risky assets amid fears of a possible global recession as major central banks around the world raise interest rates to curb inflation.
US Federal Reserve (Fed) officials are now considering raising interest rates by 75 basis points later this week, according to CNBC’s Steve Liesman. This is a bigger increase than the 50 basis points that many analysts expected. The Wall Street Journal was the first to break the news.
Bitcoin has fallen almost 70% from its all-time high in November 2021.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
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