Bitcoin slumps below $23,000 in crypto crash

Bitcoin tumbled to an 18-month low under $23,000 in a broad cryptocurrency crash, as investors shunned risky assets in the face of a vicious global markets selloff, just seven months after the virtual unit surged to a record high.

The world’s most popular crypto asset also took a heavy knock from news that crypto lending platform Celsius Network paused withdrawals, citing volatile conditions.

Losses accelerated as major exchange Binance temporarily suspended bitcoin withdrawals but advised customers to use other networks.

World stock markets have plunged since Friday when data showed US inflation at a fresh four-decade high.

That heightened global recession fears and sent investors fleeing risky cryptocurrencies like bitcoin and ether — and embracing traditional safe assets such as the dollar.

The digital currency dived more than 16 percent to hit $22,603 in afternoon London deals, striking a level last seen in December 2020.

Bitcoin has now tanked by 66 percent since striking a record peak $68,991.85 last November.

Meanwhile, the global crypto market is now worth less than $1.0 trillion, data aggregator CoinGecko revealed Monday.

That is down from a level of more than $3 trillion at its peak seven months ago, when the market rode a wave of massive investor demand amid growing acceptance from large financial institutions.

Latest

Chaos in Ondo as Akeredolu’s health worsens

The governor of Ondo State, Rotimi Akeredolu’s health challenge...

Emefiele unveils CBN domestic card

The Central Bank of Nigeria (CBN) has unveiled the...

Dibu Ojerinde: ICPC rearrests former JAMB Registrar

The Independent Corrupt Practices and Other Related Offences Commission...

Naira Notes: Gbajabiamila threatens to issue arrest warrant on Emefiele

The Speaker of the House of Representatives, Femi Gbajabiamila...

Newsletter

Don't miss

Chaos in Ondo as Akeredolu’s health worsens

The governor of Ondo State, Rotimi Akeredolu’s health challenge...

Emefiele unveils CBN domestic card

The Central Bank of Nigeria (CBN) has unveiled the...

Dibu Ojerinde: ICPC rearrests former JAMB Registrar

The Independent Corrupt Practices and Other Related Offences Commission...

Naira Notes: Gbajabiamila threatens to issue arrest warrant on Emefiele

The Speaker of the House of Representatives, Femi Gbajabiamila...

US hacks back against Hive Ransomware crew

The US has revealed it infiltrated a prolific cyber-crime...

Chaos in Ondo as Akeredolu’s health worsens

The governor of Ondo State, Rotimi Akeredolu’s health challenge has taken the state into wrong hands. The Senator for Ondo Central Senatorial District, Ayo Akinyelure,...

Emefiele unveils CBN domestic card

The Central Bank of Nigeria (CBN) has unveiled the Nigerian national domestic card scheme. Thursday’s move, the apex bank, added is part of efforts to...

Dibu Ojerinde: ICPC rearrests former JAMB Registrar

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has re-arrested a former Registrar of the Joint Admission and Matriculation Board (JAMB) Prof. Adedibu...
%d bloggers like this: