Crypto Crash Deepens: Market Drops Below $1 Trillion, Bitcoin Falls To 2020 LevelsThe cryptocurrency market witnessed a
major selloff on Monday morning with its overall
market cap dropping below $1 trillion for the first time in over a year after major crypto lending platform Celsius announced it was suspending all withdrawals due to “extreme market conditions.”
Bitcoin’s value fell below $24,000 —
down nearly 14% — the lowest level it has been in 18-months following Celsius’ announcement.
Amid the selloff, crypto exchange Binance announced that it was
temporarily suspending Bitcoin withdrawals which CEO Changpeng Zhao said was due to a “stuck transaction causing a backlog.”
Ethereum, the world’s second most valuable cryptocurrency by market cap, saw its
value crater by more than 18.3% dropping below $1,200.
The market wide selloff has also affected other popular tokens like
Binance’s BNB, Dogecoin and Solana, which are
down 15%, 18.3% and 18.9% respectively.
