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• Bitcoin has lost 66% of its value from its November high of $69,000
Bitcoin briefly plunged below $21,000 in Asia, on Tuesday, hitting its lowest level since December 2020 after investors disposed off risky assets in a broad sell-off.
The largest currency traded around $22,531.22 at 5:13 AM ET on Wall Street, for a loss of 7%. The asset has lost some 66% of its value from lifetime highs of $69,000 in November. The second-largest cryptocurrency, Ether fell 1% to $1225.
The cryptocurrency market capitalization fell below $1 trillion on Monday for the first time since February 2021, according to data from CoinMarketCap. More than $200 billion had been wiped off the entire cryptocurrency market, over the weekend and into Monday morning.
On Monday, Celsius Network, one of the world's biggest crypto lenders, suspended withdrawals due to “extreme market conditions.” Hours later, Binance temporarily paused bitcoin withdrawals “due to a stuck transaction causing a backlog.”
Crypto enthusiasts rushed to get their money out following the news pushing Bitcoin down as much as 17%, on Monday.
Source - CoinMarketCap
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