BUSINESS
The slumps in prices this week came after one of the biggest crpto lenders Celsius Network froze withdrawals and transfers between accounts.
The cryptocurrency sell off deepened on the weekend extending the concerns of the investors. Bitcoin breached the $20,000 level this week, touching an 18-month low. The slumps in prices this week came after one of the biggest crypto lenders Celsius Network froze withdrawals and transfers between accounts. The crash has also coincided with a declining stock market.
On Sunday morning, the market leader bitcoin stood at $18,951.70, down more than $3,000 in just five days. A month ago on May 19, bitcoin stood at $30,321.60, but is now down more than $11,000 from its value then.
The second largest cryptocurrency, ether slid down to $990.17 on Sunday morning, down over 217 percent in the last five days, losing a value of more than $200 in the time. In the last month since May 19, ether has shed more than half of its value, coming to below $1,000 from $2,017.57 a month ago.
On Saturday, bitcoin dropped over 13% at a point as it slid below 20,000. This is its lowest level in 18 months.
READ | How much more value could bitcoin lose in 2022? Here's what analysts forecast
After Saturday’s sell-off, the global crypto market cap stood at $826.93 billion on Sunday morning with a 6.67% dip over the last day, data from CoinMarketCap showed.
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