Illustration of two commemorative bitcoins with green background.
Arthur Vidak | Norphoto | Getty Images
The world’s largest cryptocurrency has fallen nearly 14% in the past 24 hours ethereum Coinbase data fell more than 12% over the same period.
Bitcoin was trading at about $ 21,800 in Asia on Tuesday.
Nirmal Ranga, head of trade and technology analysis at the crypto exchange ZebPay, said: “Everything, whether equities or crypto assets, is now on fire.
“What you see in the market is fear, uncertainty and skepticism. Technically, the markets are selling well and we’re going to hit bitcoin in the near future,” he told CNBC. “Street Signs Asia.”
Celsius said the move was to “stabilize liquidity and operations” and that withdrawals between transactions and accounts would be halted due to “high market conditions”.
“Over time, we are taking this step today to put Celsius in a better position to honor its withdrawal obligations.” The company said in a statement.
Meanwhile, Binance, the world’s largest cryptocurrency exchange, suspended the withdrawal of Bitcoin for more than three hours “due to a blocked transaction.”
The market capitalization for cryptocurrencies fell below $ 1 trillion on Monday for the first time since February 2021. The data of CoinMarketCap is displayed. About $ 200 billion has been wiped out of the market in recent days.
The crypto sale comes as major central banks around the world raise interest rates to control inflation amid widespread fears of a global recession as investors make a wide range of risky assets.
According to CNBC’s Steve Leesman, policymakers at the US Federal Reserve are now considering a 75-point point increase idea this weekend. This is bigger than the 50 basis point increase that many traders expected. The The Wall Street Journal Told the story first.
Rising rates tend to make future returns for growth assets less attractive.
By November 2021 Bitcoin was down almost 70% from all its time.