Bitcoin Crumbles, Withdrawing $200B From Crypto Market

Bitcoin price drops 17% to less than $23,000 to write off $200 billion from the cryptocurrency market

Bitcoin price plunged below $23,000 to its lowest level since December 2020 as investors abandon cryptocurrencies amid a massive sell-off on risky assets, and at the same time, crypto lender Celsius suspended The withdrawal of cryptocurrencies for their customers, which raised fears that this situation will spread to the entire market.

The value of the largest cryptocurrency in the world (Bitcoin) collapsed to less than 23 thousand dollars, according to CoinDesk data. $23,351, down 15%.

Over the weekend and Monday morning, about $200 billion of the total cryptocurrency market cap disappeared, dropping below $1 trillion for the first time since February 2021, according to CoinMarketCap data. Read More [Bitcoin Witnesses The Lowest Monthly RSI at $24K BTC Price].

The surrounding external factors contributed to these bearish trends of the crypto markets with the continued exacerbation of deadly inflation and expectations that the US Federal Reserve will raise interest rates again this week to control prices. Read more [Technical Stocks are Mired in Their Worst Weekly Loss].

A cryptocurrency lending company called Celsius raised a lot of concerns in the market after it stopped all withdrawals, transfers and exchanges of currencies in the market “due to the harsh market situation”, as it described, knowing that Celsius, which claims to have about 1.7 million customers, is promoting Its users that they will be able to earn profits with a revenue margin of up to 18% through the platform.

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