Bitcoin plunged to the lowest in about 18 months in Asia trading Monday as the impact of Friday’s shock US inflation data continued to reverberate through global risk assets.
The price of Bitcoin fell 8 per cent to just north of $US25,000 on Monday, capping a powerful decline that has wiped 45 per cent from the world’s most popular digital currency this year and a staggering 62 per cent from the peak in October last year.
“Weekend crypto crashes sometimes are followed by a quick recovery, but the current environment and soft interest might make for a slow recovery.” “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.The company said the move reflected its need to, “stabilise liquidity and operations while we take steps to preserve and protect assets,” and that it would seek to resume activity as soon as possible.
Two weeks ago, Scott Minerd, chief investment officer for Guggenheim Partners, a Los Angeles-based fund manager, said he anticipated the price of bitcoin could fall to $US8,000 as investors began to question its role in portfolios.
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