The price of cryptocurrencies fell further on Wednesday as the market continues to decline, with Bitcoin plunging to fresh 18-month low.
This week’s fall was sparked by Celcius, a US crypto lender freezing customers’ withdrawal and transfers between accounts.
This comes as the market was struggling to recover from the shock wave of terraUSSD and luna tokens collapse last month.
Bitcoin fell to as low as $20,079.72, its lowest price since December 2020. Year-to-date Bitcoin has lost over 50% of its value and about 70% plunge from its all-time high of $69,000 in November 2021.
At the time of writing this report, Bitcoin is down 7.76% in the last 24 hours trading at $20,758.9. Ethereum is losing 11.97% trading at $1,080.78.
Global crypto market capitalization has slumped 70% to below $900 billion from all time high of over $2.97 trillion in November 2021, according to CoinMarketCap data.
In another development, Coinbase Global Inc, a major US crypto exchange on Tuesday said it would cut about 1,100 jobs or about 18% of its workforce.
Another US exchange Gemini also said it would cut about 10% of its workforce. On the hand, Binance, the world’s largest exchange said it would hire 2,000 workers.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
