WASHINGTON, June 14 — Bitcoin fell as much as 14 per cent yesterday after major US cryptocurrency lending company Celsius Network froze withdrawals and transfers citing “extreme” market conditions, in the latest sign of the financial market downturn hitting the cryptosphere.
After Celsius’s announcement, bitcoin touched an 18-month low of US$22,725, before rebounding slightly to around US$23,265. No.2 token ether dropped as much as 18 per cent to US$1,176, its lowest since January 2021. Markets extended a sell-off yesterday after US inflation data on Friday, which showed the largest price increase since 1981, prompting investors to raise their bets on Federal Reserve rate hikes.
In a blog post yesterday, Tether said that while it has invested in Celsius, its lending activity with the crypto platform has “always been overcollateralised” and has no impact on Tether’s reserves. The token was last trading flat at US$1.
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