Bitcoin (BTC) crashed at the start of the week, with the price falling below $23,000 in the latest
series of crypto crashes. Many other top cryptocurrencies, including Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) also suffered heavier losses within 24 hours.
Bitcoin slumped over 14% within the past 24 hours, a level we last saw in late 2020. Right now, Bitcoin has slumped over 65% from its high in November 2021.
Ethereum lost over 16% in value to around $1,201, bringing it to a low seen in early 2021. Dogecoin fell more than 17%.
The overall crypto market kicked off this week with heavy losses, and not a single cryptocurrency
in CoinMarketCap's 100 rankings saw any significant gains over the last 24 hours. The market saw over $400 billion loss bringing its valuation below $1 trillion.
Last month, we saw the collapse of terraform Lab's Luna and UST token, which wiped over 40 billion from investors' holdings.
The crypto market prices seemed to be affected by the performance of U.S. stocks in recent days, leading analysts to speculate that the two are reacting to external market forces.
Crypto lending platform Celsius, while reacting to the panic and pressure on crypto markets, announced that it had paused all withdrawals and transfers between accounts "due to extreme market conditions".
"Due to extreme market conditions, today we are announcing that Celsius is pausing all
withdrawals, Swap, and transfers between accounts," the company said in a blog post on Monday morning.
"We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets."
Long-time critic of cryptocurrency, Peter Schiff, CEO of Euro Pacific Capital and chairman of SchiffGold, in a tweet, while warning investors said that the total market cap of cryptocurrencies had fallen from $3 trillion to $1 trillion.
With #Bitcoin dropping below key support at $25K and #Ethereum below 1300, the combined market cap of nearly 20K #cryptos has broken below $1 trillion, from a record-high of $3 trillion. That's $2 trillion down, $1 trillion left to go. The last trillion will be the most painful.
— Peter Schiff (@PeterSchiff) June 13, 2022