LAST UPDATE: 20.10
Bitcoin plunged sharply on Monday, with the world’s largest cryptocurrency plunging 17%, dragging down others as a result of the overall capitalization of the cryptocurrency market falling below $ 1 trillion. for the first time since the beginning of 2021.
In particular, the price of bitcoin fell 17% and moved on Monday night (20:00 Greek time) to the level of $ 22,765, according to data from CoinDesk, sliding to the lowest level since December 2020. Its largest cryptocurrency planet has plunged about 50% since the beginning of this year.
The strong fall of bitcoin drags lower and the rest of the cryptocurrencies. In particular, Ethereum “loses” 18.9% and moves to $ 1,228.19, Binance falls about 15% to $ 226.13, XRP with losses of 13% moves to $ 0.315, while Solana loses 16.9 % at $ 27.95 and Cardano is down 12% at $ 0.468.
The new sell-off in cryptocurrencies triggered the movement of the Celsius Network cryptocurrency exchange to freeze withdrawals and transfers, citing “extreme” market conditions, in another indication of the “tectonic” effects that turmoil has on the cryptocurrency universe. in the financial markets.
The cryptocurrency market has lost more than $ 200 billion over the weekend and today, with continued sell-offs leading to total crypto capitalization below $ 1 trillion. for the first time since January 2021, according to CoinMarketCap figures, reaching $ 926 billion before recovering
The global cryptocurrency market peaked at 2.9 trillion. dollars in November 2021, but since then has been declining with the slump intensifying in the last two months, costing the market only this period 1 trillion. dollars in value, as investors abandon the riskier assets in the face of high inflation and fears that interest rate hikes by central banks will hamper growth.