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[size=36]Bitcoin drops below $23,000 as cryptocurrency crash continues[/size]
Economie| 09:50 - 14/06/2022
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Bitcoin and other cryptocurrencies continued to crash Tuesday as investors abandoned risky assets in anticipation of a sharp rise in interest rates to tackle inflation.
While two of the world's largest cryptocurrency exchanges restricted activity on Monday as the broader market crash continued apace, Celsius Network, which has 1.7 million clients, said "harsh market conditions" had forced it to halt all withdrawals, crypto swaps and transfers between accounts temporarily.
"We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while taking steps to preserve and protect assets," the company said in a blog post. According to its website, the UK-registered company has approximately $3.7 billion in assets. He pays interest on cryptocurrency deposits and lends them to make a return.
"Yesterday's suspension of percentage drawdowns gave additional bearish impetus," Jeffrey Haley, senior market analyst for Asia Pacific, Oanda, noted. “I can only assume that the next big level for bitcoin psychologically will be $20,000.”
The cryptocurrency market has come under heavy attack in recent months after the pandemic boom turned into a meltdown, and with the world's major central banks raising interest rates to tame spiraling inflation, traders have been quick to dump higher-risk investments, including their volatile crypto assets.
Bitcoin, the world's most valuable cryptocurrency, fell about 8% on Tuesday, falling below $23,000, having lost nearly 25% of its value since Friday - putting it below its all-time high in November last year. At around 67%, when it was trading around $69,000, according to data from Coinbase.
Ether, the second most valuable cryptocurrency, fell 4%, taking its losses since Friday to about 32%, it has now lost about 75% of its value since November.
Binance, the world's largest cryptocurrency exchange, suspended withdrawals on its bitcoin network for a few hours on Monday. The company said some transactions were "stalled" and caused a backlog.
“The Binance team is working on a long-term solution to speed up pending transactions on the Bitcoin (BTC) network and prevent similar situations from happening in the future,” it said in a statement.
The so-called “stablecoins” — cryptocurrencies tied to the value of traditional assets — have also taken a hit, as Tether, a popular stablecoin, broke its peg to the US dollar in May, breaking the view that it could act as a hedge against volatility.
TerraUSD, a riskier algorithm-based stablecoin that uses complex code to peg its value to the US dollar, also collapsed in the same month, wiping out the savings of thousands of investors. The coin was worth just over $18 billion in early May before it collapsed, according to data from CoinMarketCap.
Celsius has not said when it will allow customers to withdraw their deposits again, but that it only "will take some time." Meanwhile, governments are closely watching the fallout from the cryptocurrency crash and could act to protect investors.
“There are many risks associated with cryptocurrencies,” US Treasury Secretary Janet Yellen told the Senate last month. She said that her department is scheduled to issue a report in this regard. Ended 29 / p. 87
While two of the world's largest cryptocurrency exchanges restricted activity on Monday as the broader market crash continued apace, Celsius Network, which has 1.7 million clients, said "harsh market conditions" had forced it to halt all withdrawals, crypto swaps and transfers between accounts temporarily.
"We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while taking steps to preserve and protect assets," the company said in a blog post. According to its website, the UK-registered company has approximately $3.7 billion in assets. He pays interest on cryptocurrency deposits and lends them to make a return.
"Yesterday's suspension of percentage drawdowns gave additional bearish impetus," Jeffrey Haley, senior market analyst for Asia Pacific, Oanda, noted. “I can only assume that the next big level for bitcoin psychologically will be $20,000.”
The cryptocurrency market has come under heavy attack in recent months after the pandemic boom turned into a meltdown, and with the world's major central banks raising interest rates to tame spiraling inflation, traders have been quick to dump higher-risk investments, including their volatile crypto assets.
Bitcoin, the world's most valuable cryptocurrency, fell about 8% on Tuesday, falling below $23,000, having lost nearly 25% of its value since Friday - putting it below its all-time high in November last year. At around 67%, when it was trading around $69,000, according to data from Coinbase.
Ether, the second most valuable cryptocurrency, fell 4%, taking its losses since Friday to about 32%, it has now lost about 75% of its value since November.
Binance, the world's largest cryptocurrency exchange, suspended withdrawals on its bitcoin network for a few hours on Monday. The company said some transactions were "stalled" and caused a backlog.
“The Binance team is working on a long-term solution to speed up pending transactions on the Bitcoin (BTC) network and prevent similar situations from happening in the future,” it said in a statement.
The so-called “stablecoins” — cryptocurrencies tied to the value of traditional assets — have also taken a hit, as Tether, a popular stablecoin, broke its peg to the US dollar in May, breaking the view that it could act as a hedge against volatility.
TerraUSD, a riskier algorithm-based stablecoin that uses complex code to peg its value to the US dollar, also collapsed in the same month, wiping out the savings of thousands of investors. The coin was worth just over $18 billion in early May before it collapsed, according to data from CoinMarketCap.
Celsius has not said when it will allow customers to withdraw their deposits again, but that it only "will take some time." Meanwhile, governments are closely watching the fallout from the cryptocurrency crash and could act to protect investors.
“There are many risks associated with cryptocurrencies,” US Treasury Secretary Janet Yellen told the Senate last month. She said that her department is scheduled to issue a report in this regard. Ended 29 / p. 87
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