Text size
Bitcoin has been hurt by a loss of confidence sparked by interest-rate hikes and problems at Celsius, one of the biggest crypto lenders.
Paul Yeung/Bloomberg
Bitcoin,
the largest cryptocurrency, fell to the lowest level in 18 months on Monday after Celsius Network, one of the biggest crypto lenders, halted withdrawals.
Bitcoin (ticker: BTC) fell as much as 9%, the lowest since December 2020, to $24,903.49. Other cryptocurrencies, including
Avalanche
and
Dogecoin,
also declined.
Celsius said it would halt withdrawals from its platform, which allows people to deposit bitcoin and other crypto tokens into an account that pays interest.
Crypto assets have been suffering from an aggressive round of interest-rate increases from the Federal Reserve, which has also knocked stocks. Data on Friday showed inflation unexpectedly accelerated in May, indicating that the Fed may have to hike rates higher than previously thought to get consumer price gains under control.
Digital assets peaked in November with a total valuation of about $3 trillion. On Monday the value of all digital tokens was about $1 trillion, according to CoinMarketCap.
Write to [email protected]
Source: https://www.barrons.com/articles/bitcoin-fall-celsius-fed-crypto-51655106836?siteid=yhoof2&yptr=yahoo