Bitcoin and other various cryptocurrencies plummeted through the weekend as inflation caused many investors to run for the exits. This caused many major trading platforms to seize up and Binance even had to temporarily halt bitcoin withdrawals.
Bitcoin was hovering just below 24,000 US at one point on Monday morning and is down 20 per cent since Friday. This was enough to push the value of the world’s dominant cryptocurrency down to its lowest point since December 2020. The sell-off also caused a major crypto exchange called Celsius to halt withdrawals on Sunday evening.
The exchange said “we are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations,” Celsius had roughly $25 billion in assets at peak valuations last year. Many other major crypto exchanges had problems dealing with the bulk of trading orders.
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