Bitcoin price crashes amid ‘extreme market conditions’

Bitcoin price crashes

Bitcoin Price crashes more than 10% at the start of the week, falling below $25,000 for the first time since December 2020.

Bitcoin price crashes are the most recent in a string of price drops for the cryptocurrency, which has lost more than 60% of its value in the last seven months.

The overall crypto market has also plummeted, dropping more than $400 billion in the last week and falling below $1 trillion.

Several major cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), all lost 15-25 percent in under 24 hours when compared to bitcoin.

In the previous day, none of the top 100 cryptocurrencies on CoinMarketCap has seen any gains, making this one of the most comprehensive drops in recent memory.

The market crash occurred with similar dedication to tech stocks in recent days, with leading analysts speculating that both were reacting in tandem with external market forces.

,[Cryptocurrencies] Simon Peters, an analyst at online trading platform eToro, wrote in a note on Monday that the move has not been done with traditional assets like equities in the past, although the link between the two has increased in recent days.

“The clearest sign by far is that cryptocurrencies like bitcoin and ether are moving in lockstep with stocks, as inflation concerns have sent stocks and crypto tumbling. The reasons for this vary, but much of it is institutional. It comes down to holders who check their risk assets in a similar way, be it tech stocks or bitcoin.”

During the liquidation, crypto lender Celsius told customers that they would be temporarily unable to withdraw funds from the platform.

“Due to extreme market conditions, today we are announcing that Celsius is halting all withdrawals, swaps and transfers between accounts,” the company, which was valued at $3.25 billion during a funding round last year, said in a statement. wrote a blog post Monday morning.

“We are taking the necessary actions for the benefit of our entire community to stabilize liquidity and operations while taking steps to preserve and protect the asset.”

The move comes just a month after the collapse of Terraform Labs’ Luna and UST tokens, which wiped out more than $40 billion from investors’ holdings.

Credit: www.independent.co.uk /