The Price of Bitcoin has Dropped Below $25,000

  • Blockchain
  • 13.06.2022 06:33 pm

Bitcoin fell below $23,000 on Monday, its lowest level since December 2020, as investors dumped risk assets.

One of the major crypto lending sites, Celsius Network, halted withdrawals and transfers Sunday night, citing "extreme market conditions." Celsius announced its shutdown as Asian markets started on Monday, and its CEL token, valued at roughly $7 a year earlier, fell to 21 cents. 

Bitcoin traded at $22,764 at 11:10 a.m. on Wall Street, down 17%, according to CoinDesk data. Other cryptocurrencies' prices fell after the delay. The overall market cap of crypto assets (including stablecoins and tokens) is below $1 trillion, down from $3 trillion in November. 

The price of Bitcoin has decreased about 12 percent in the previous 24 hours, plummeting $2,000 since the Celsius news, according to Coinbase. The last time Bitcoin was this low was December 2020; it peaked on November 9, 2021, at $69,000. Today's dip continues a 12-week slump from $49,000 in March, per CoinDesk. 

Ethereum went from $1,355 before the Celsius announcement to $1,238 at of 9:33AM ET, a 14 percent decline. Last November 9th, it reached $4,891. 

Binance suspended Bitcoin withdrawals amid plummeting crypto prices. Binance CEO Changpeng Zhao announced the freeze at 8AM ET, citing a "stuck transaction" Initially, he indicated the pause will be fixed in 30 minutes, but later said, "This will likely take longer."

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