About 180,000 Crypto Investors Lose 215.8 billion as Bitcoin Trades at $23k
- Cryptocurrency investors are seeing their investment crash in one of the biggest dip never seen since 2020
- Bitcoin traded below $25,000 on Monday, June 13, 2022, dragging others along in one of biggest sell-offs
- Celsius, the owners of the CELL tokens said they are halting withdrawals from their platforms following massive panic
Bitcoin again plummeted to an all-time low of $23,000 on Monday, June 13, 2022.
About 180, 000 traders have lost $520 million, as the largest crypto dips to the lowest point in months, a price not seen since December 2020.
Source: Getty Images
Market sell-off continues and was observed throughout the year. Many have likened the decline in the market to what was witnessed in the 2008 market crash and others compared the sell-offs to the Red Wedding in the famous Game of Thrones.
Bitcoin's fall from glory continues
Bitcoin has dipped far below a critical support point, the $25,000 support zone alongside the liquidation, margin calls and loss of funds have become the order of the day.
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Nairametrics reports that the market capitalization for the crypto market has fallen by 8 per cent and stands currently at $1 trillion as of the time of writing, showing a loss of its trillion-dollar status.
Other altcoins have posted a decline of about 20 per cent and more in the last seven days following the deepening of the sell-offs.
Forbes says that Ethereum, the world’s second most valuable cryptocurrency by market cap, saw its value crater by more than 18.3 per cent dropping below $1,200.
No more withdrawals
The market-wide sell-off has also influenced other popular tokens like Binance’s BNB, Dogecoin and Solana, which are down 15 per cent, 18.3 per cent and 18.9 per cent respectively.
In a blog post published after midnight on Monday, June 13, 2022, Celsius said it was “pausing all withdrawals, [currency] swap, and transfers between accounts,” noting that it was doing so to allow itself to meet all of its withdrawal obligations in the future.
Cryptocurrency investors in tears as Ethereum plunges into a 14-month low
Legit.ng report said that as US inflation hits a new 40-year high, Bitcoin and Ether fell on Sunday, June 12, 2022, as they joined a wider crypto sell-offs which saw investors go into panic mode.
Nairametrics report says Ether went down to as much as 5 per cent to $1,440 which is its lowest level since March 2021, while Bitcoin fell to $27,000, also its lowest in one month.
Other crypto assets were also in the red including Cardano, OMG, XRP and Avalanche.
Source: Legit.ng
