Cryptocurrency plunges as crypto “financial institution” Celsius suspends withdrawals

Cryptocurrency plunges as crypto “bank” Celsius suspends withdrawals

Enlarge (credit score: Aurich Lawson | Getty Photos)

Main cryptocurrencies suffered large losses on Monday. As I write this, bitcoin is down 14 % during the last 24 hours, whereas ether is down 16 %. Different main cryptocurrencies—together with solana, dogecoin, and litecoin—are additionally down by double digits, in response to CoinMarketCap.

The cryptocurrency crash is a part of a broader market sell-off. The S&P 500 inventory market index fell virtually four % on Monday amid fears of quicker rate of interest hikes from the Federal Reserve. Excessive rates of interest put downward strain on all belongings, together with shares and cryptocurrencies.

One other large issue which will have spooked cryptocurrency merchants was the Monday announcement by crypto lender Celsius that it was suspending withdrawals. The corporate mentioned this was the results of “excessive market circumstances.”

Learn 17 remaining paragraphs | Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *