The bitcoin market saw a panic sell-off today as a result of fresh highs revealed in US inflation statistics. Furthermore, global market uncertainties exacerbated cryptocurrencies’ weaknesses.
As a consequence, Bitcoin’s price has dropped by $24,000, or 14%, today. Bitcoin has dropped to its lowest level since December 2020. Ether, the second-largest cryptocurrency, fell more than 15% and is now trading at $1,200. According to CoinMarketCap, the entire market capitalization of all cryptocurrencies went below $1 trillion on Monday morning due to the crypto market massacre.
As if that weren’t enough, cryptocurrency loan company Celsius said today that it was suspending all withdrawals and transfers between accounts. According to the company, ‘extreme market circumstances’ compelled them to take this action.
- Bitcoin plunged below $24,000, while Ether fell below $1,300.
- The latest crypto market sell-off was spurred by a new peak in inflation.
- Celcius, a cryptocurrency lending service, said that all withdrawals and transfers between accounts will be halted.
Because of global market circumstances and inflation, recent trends suggest that investors are keeping away from hazardous assets. Because of its volatile character, the Fed’s tightening monetary policy has wrecked havoc on cryptocurrencies. Furthermore, the demise of Terra (LUNA) and TerraUSD (UST) has generated considerable concern among investors.
The Bottom Line
Back-to-back negative news from the crypto sector has prompted investors to experience FUD (fear, uncertainty, and doubt). Crypto aficionados went to Twitter with the hashtag #cryptocrash to voice their concerns, wondering when this massacre would cease. According to experts, things might become worse.
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