Bitcoin continued to fall on Monday after the largest U.S. cryptocurrency lender, Celsius Network, suspended withdrawals, exchanges, and transfers between accounts. This was reported by Reuters.
Celsius Network froze withdrawals and transfers, citing “extreme market conditions.”
Amid Celsius’ announcement, cryptocurrency capitalization fell below $1 trillion for the first time since January 2021 – affecting a 12 percent drop in bitcoin’s value.
After the announcement from the Celsius Network, bitcoin fell to an 18-month low of $23,300.
The second most popular cryptocurrency, Ethereum, fell 18% to $1,176, its lowest level since January 2021.
“Over the past few weeks, cryptocurrency markets have weakened sharply as rising interest rates and inflation have prompted investors to abandon risky assets in financial markets.
Markets continued to sell off Monday after U.S. inflation data on Friday showed the biggest rise in prices since 1981,” the agency wrote.
According to Coindesk, as of 6:36 p.m. Kiev time, bitcoin was trading at $23,106 and Ethereum at $1,225.