After dropping $8,000+, Bitcoin finally stabilizes around $22,250 after dropping to nearly $20,000 following the Celsius Network freezing withdrawals of Bitcoin Assets. On Monday, Bitcoin which is the premier crypto asset of the world, fell by 15% which was it's sharpest 1 day drop since March 2020 and was previously recorded at $69,000 back in November 2021. Since November, Bitcoin has lost 70% of it's value.
Causing the panic was the trading firm Celsius Network which froze transfers and withdrawals in an attempt to stabilize liquidity and operations while taking steps to preserve and protect assets.
Software company MicroStrategy Inc stated that if the price fell below $21,000, it would trigger demand for extra capital against a secured loan of theirs which was held by their bitcoin holdings as collateral.
Following all the madness and the significant shrinkage of the Bitcoin asset, premier crypto currency exchange Coinbase Global Inc said it will have to cut its workforce by 18% and force 1,100 workers into layoff.
Ether also took a plunge as it is directly related to the performance of Bitcoin. It fell from $4,869 down to $1,075.
This combined with current stock market lulls in the U.S. is definitely staggering for the economic recovery as the Fed looks to hike interest rates once again.
Source #1 Reuters
Source #2 U.S.News
Source #3 Financial Post
Causing the panic was the trading firm Celsius Network which froze transfers and withdrawals in an attempt to stabilize liquidity and operations while taking steps to preserve and protect assets.
Software company MicroStrategy Inc stated that if the price fell below $21,000, it would trigger demand for extra capital against a secured loan of theirs which was held by their bitcoin holdings as collateral.
Following all the madness and the significant shrinkage of the Bitcoin asset, premier crypto currency exchange Coinbase Global Inc said it will have to cut its workforce by 18% and force 1,100 workers into layoff.
Ether also took a plunge as it is directly related to the performance of Bitcoin. It fell from $4,869 down to $1,075.
This combined with current stock market lulls in the U.S. is definitely staggering for the economic recovery as the Fed looks to hike interest rates once again.
Source #1 Reuters
Source #2 U.S.News
Source #3 Financial Post