LAST UPDATE: 11.57
Bitcoin fell to a new 18-month low on Wednesday, dragging smaller cryptocurrencies with it, causing a sharp drop in the cryptocurrency market caused by the freezing of Celsius cryptocurrency exchange customers’ withdrawals.
According to Reuters, the world’s largest cryptocurrency fell as much as 7.8% to $ 20,289, its lowest level since December 2020. Bitcoin has fallen about 28% since Friday and has lost more than half of its value of this year. From a record high of $ 69,000 in November, it has fallen about 70%.
Cryptocurrencies have been hit hard this week following the freezing of withdrawals and transfers between accounts by Celsius, fueling fears of a wider fall in cryptocurrencies already rocked by the collapse of terraUSD and luna last month.
Expectations of higher interest rates from the US Federal Reserve (Fed) as US inflation soars have also put pressure on risky assets, from cryptocurrencies to stocks.
The global cryptocurrency market capitalization has fallen below $ 900 billion, according to CoinMarketCap, from a peak of $ 2.97 trillion. dollars in November.
“The market turmoil has not stopped yet,” said Scottie Siu, investment director at Hong Kong-based Axion Global Asset Management. “I think we are still in the middle, unfortunately, the game is not over.”
Smaller cryptocurrencies, which tend to move in parallel with Bitcoin, are also losing money. Ether, the world’s second-largest cryptocurrency, fell as much as 12 percent to $ 1,045 at a new 15-month low.
Source: Capital
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