bitcoin crash in another stock market crash
The price of bitcoin just experienced its biggest drop since 2020, falling to less than $24,000 per asset.
The week started badly for cryptocurrencies. In a free fall since last March, bitcoin just dropped below the symbolic $21,000 mark. A record high, not reached since December 2020. The only difference: at the time, the non-fiat currency was still in its infancy, and the $20,000 threshold sounded like clear progress.
Almost a year after the first collapse that happened last July, BTC is experiencing a new one crypto-crash, and it carries with it many other currencies. Starting with Ether, which experienced an even steeper decline and is now approaching $1,000. With an estimated 65% loss in value, bitcoin is now worth just $20,000. We are far from the $64,000 recorded at our all-time high last November.
At this point, the question is whether the property can fall further. Last month, the first market collapse had serious consequences for the virtual portfolio of its investors and individuals. It must be said that apart from being historical, crash does not save stablecoinsand yet it is considered less versatile as it is indexed to fiat currencies such as the euro and the dollar.
Celsius takes a break
.@CelsiusNetwork pauses all withdrawals, exchanges and transfers between accounts. Acting in the interest of our community is our top priority. Our activities are ongoing and we will continue to share information with the community. More here: https://t.co/CvjORUICs2
— Celsius (@CelsiusNetwork) June 13, 2022
Faced with the slippery slope that the crypto market is on, the Celsius platform has announced its decision to block all payments and transactions, indefinitely. Since June 12, we have been worried about the threat of a new collapse, especially as it reminds us of the Terra ecosystem, whose value fell in just a few hours at the beginning of May. While the company initially promised its customers to borrow at favorable rates and receive rebates, while reserving the right to reuse the deposited funds to guarantee its own loans.
Specialized in investment and remortgage, the company has so far ensured immediate withdrawal of deposited funds, within a maximum of three days. With freezing Celsius, the exact opposite happens. If it is still too early to talk about bankruptcy, the platform stands out as a new clue about the latent collapse of cryptocurrencies.