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Bitcoin tumbles as crypto sell-off continues

Bitcoin tumbled on Jun 15 to a new 18-month low, dragging smaller tokens down with it and spurring a ...

👤 H K Badal15 Jun 2022 5:29 PM GMT
Bitcoin tumbles as crypto sell-off continues
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Bitcoin tumbled on Jun 15 to a new 18-month low, dragging smaller tokens down with it and spurring a sharp fall in crypto markets sparked by crypto lender Celsius freezing customer withdrawals.

The world's largest cryptocurrency fell as much as 7.8 percent to $20,289, its lowest since December 2020. It has lost about 28 percent since Jun 10 (Friday) and more than half of its value this year. Since its record high of $69,000 in November, it has slumped about 70 percent.

Cryptocurrencies have been hit hard this week after United States crypto lender Celsius froze withdrawals and transfers between accounts, stoking fears of wider fallout in digital asset markets already shaken by the demise of the TerraUSD and Luna tokens last month.

The turmoil in the industry is snowballing as traders bale on the asset class that has represented the height of speculative investing and easy money. Now with pricing continuing to dive, there are more predictions that losses will accelerate.