Crypto crash – latest: Bitcoin, ethereum and others plunge as market collapses again
What are cryptocurrencies? | Decomplicated
Bitcoin has crashed below $24,000, reaching its lowest levels since the end of 2020.
More than $200 billion has been wiped off the entire cryptocurrency market on Monday morning.
It is the latest in a series of price crashes for the cryptocurrency, which has seen it drop more than 60 per cent in value over the last seven months.
Several leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) experienced even heavier losses than bitcoin, falling by between 15-25 per cent over the past day.
While many crypto holders are liquidating their assets, 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 pausing all withdrawals, Swap, and transfers between accounts,” the company said today.
Amid the liquidations, crypto lender Celsius told customers that they would be temporarily unable to withdraw funds from the platform. This has been seen before, with Binance stopping owners withdrawing when the TerraLuna cryptocurrency crashed.
Adam Smith13 June 2022 12:00
“Now the clearest signal yet that cryptoassets such as bitcoin and ether are moving in lockstep with equities has flashed, as inflation worries have sent stocks and crypto tumbling. The reasons for this are varied, but much of it comes down to institutional holders, which calibrate their risk assets in similar ways, be they tech stocks or bitcoin.”
Adam Smith13 June 2022 11:55
The market crash also coincided with a similar capitulation of tech stocks in recent days, leading analysts to speculate that the two are reacting in tandem to external market forces.
“[Cryptocurrencies] have in the past not moved in step with traditional assets such as equities, however in recent times the link between the two has grown ever closer,” Simon Peters, an analyst at the online trading platform eToro, wrote in a note on Monday.
Adam Smith13 June 2022 11:50
There are a number of factors that have influenced this sell-off. In the United States and the United Kingdom, inflation is rising heavily and interest rates are likely to be increased to match.
Adam Smith13 June 2022 11:40
The cryptocurrency market cap fell under $1 trillion on Monday for the first time since February 2021, according to CoinMarketCap data.
Adam Smith13 June 2022 11:22
Coins crash as the market falls
Welcome to The Independent’s live tracking of the market crash. We start with one sobering fact: Not a single cryptocurrency in CoinMarketCap’s top 100 rankings saw any gains over the last day.
Adam Smith13 June 2022 11:12
