Cryptocurrencies are down again on Tuesday, with bitcoin And the ether falls new 18-month lows after major crypto lender Celsius Network freezes of Withdrawals Delivery latest shock for investors in The asset Class.
Bitcoin fell as much as 7.2% to $20,816, its lowest level since December 2020, to extend Monday’s 15% drop.
The world’s largest cryptocurrency is down over 50% year So far and 28% since Friday.
Number 2 token Ether lost as much as 10% to $1,075, its lowest level since January 2021, with smaller coins receiving a boost. more of beating.
sell-off Resulted from hanging Celsius of Withdrawals and higher US inflation data on Friday drive expectations of more acute interest rate Rising from the Federal Reserve (Fed), a Singapore-based fund said manager QCP Capital in note.
“The market He is now panicked by the impact and the infection if the CPC becomes insolvent,” said QCP.
centigrade said in Blog post published in Asia hours on Monday quoting extreme market Conditions that froze withdrawals and transfers Among the accounts, “to stabilize liquidity and operations while we take steps To preserve and protect assets. “
New Jersey-based Celsius, which is worth about $11.8 billion in assetsOffer useful products to customers who Cryptocurrency Deposit with its platform. then lend out Cryptocurrency to earn back.
Asset classes via board You have also shaken by higher Inflation as investors dumped risk assets.
The S&P . index fell for four days in a row, with Standard now down more More than 20% of the most recent record high close to confirm bear market According to a commonly used definition.
Cryptocurrency stocks in particular were hard hit.
cipher bank Silvergate Capital shares Closed down 16.7% on Monday, BTC buyers and business intelligence software MicroStrategy plunged 25.2%, and exchange Coinbase Global lost 11.4%.
