06-13-2022, 09:02 PM
Bitcoin drops 14%, falling below $24,000 as $200 billion wiped off crypto market over the weekend
- Bitcoin tumbled below $24,000 late on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets.
- Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market.
- Macro factors are contributing to the bearishness in the crypto markets, with rampant inflation continuing and the Federal Reserve expected to hike interest rates this week to control rising prices.
![[Image: 107074597-1655103399286-gettyimages-1241...&ffmt=webp]](https://image.cnbcfm.com/api/v1/image/107074597-1655103399286-gettyimages-1241039329-porzycki-bitcoinp220601_npP5u.jpeg?v=1655111601&w=740&h=416&ffmt=webp)
Bitcoin tumbled below $24,000 on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets.
Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market.
The world’s largest cryptocurrency bitcoin dropped below the $24,000 mark, according to CoinDesk data, and traded around $23,575 at 7:45 a.m. on Wall Street.
Over the weekend and into Monday morning, more than $200 billion had been wiped off the entire cryptocurrency market. The cryptocurrency market capitalization fell below $1 trillion on Monday for the first time since February 2021, according to data from CoinMarketCap.
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