Bitcoin fell 7.46% to $18,915.29 as of 1559 GMT on Saturday, losing $1,525.41 from its previous close. The world’s largest and best-known cryptocurrency is down 60.8% from the year’s high of $48,234 on March 28.
The value of the global crypto market fell below the symbolic $1 trillion mark on Monday after hitting $3 trillion in November last year.
After falling to $18,740 on Saturday, bitcoin fell to $18,941 as of 1550 GMT, down 8% from Friday.
Ether, the coin linked to the Ethereum blockchain network, fell 8.84% to $988.52 on Saturday, losing $95.9 from its previous close.
Global stock markets have plunged this week amid fears that inflation-fighting interest rate hikes by the US Federal Reserve and other central banks could trigger a recession. Cryptocurrencies paid the biggest price.
Bitcoin’s fall was accelerated by the suspension of withdrawals by two cryptocurrency platforms. The Celsius network said it was suspending “all withdrawals, exchanges and transfers between accounts” due to “extreme market conditions”. Babel Finance said it faced “unusual liquidity pressures”.
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Major exchange Binance has temporarily suspended bitcoin withdrawals and advised customers to use other networks. Coinbase said Monday it was cutting 18% of its workforce, or about 1,100 jobs, citing tough economic conditions and expanding too quickly.
“We appear to be heading into a recession after an economic boom of more than 10 years,” said Coinbase founder and CEO Brian Armstrong.
In recent years, the crypto sector has benefited from a vast injection of liquidity due to the easy money policies of the world’s largest central banks. However, soaring inflation triggered tighter monetary policy across the world, helping to crash the industry.
(with agency contributions)
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Post expires at 6:18am on Wednesday June 29th, 2022