The market value of cryptocurrencies continued to fall, hitting a monthly low on Monday.
In the midst of the recession, crypto lending firm Celsius Network has decided to freeze its funds.
Bitcoin, the most popular cryptocurrency, fell 15% on Monday after US companies halted withdrawals and transfers due to “extreme” market conditions.
Bitcoin is down nearly 70% after hitting an all-time high of $69,000 in November. It is currently at $22,522, the lowest since December 2020.
As you can imagine, this brings a bit of rebelliousness to investors.
The move in Celsius has caused a decline in cryptocurrencies, with the market capitalization falling below $1 trillion for the first time since January 2021.
Celsius said in a blog post on Monday that it had frozen remittances between funds and accounts “to stabilize liquidity and operations until steps were taken to maintain and protect assets.”
The move, coupled with expectations of a sharp rise in interest rates, has pushed the value of the crypto market below $1 trillion after last week’s high inflation data from the United States.
Ether, the second most popular cryptocurrency, is currently priced at $1,188, the lowest in the last 15 months.
With assets of approximately $11.8 billion, Celsius deposits cryptocurrencies on the platform and issues coins to offer profitable clients.
Investors panicked as more than $200 billion was withdrawn from the crypto market on the first day of last month.
Experts predict a “crypto winter” from early 2018 to mid-2020, when prices fall.
Source: Metro
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