Bitcoin continued its free fall on Monday as a result of the deteriorating crypto market. The leading cryptocurrency is trading for $23,639.30, which marks its lowest since December 2020.
The past few months have been hard not only on Bitcoin but all other coins. Investors are steering clear from riskier investments due to surging inflation, and selling off their crypto portfolio was the first order of business for many. As a result, most cryptocurrencies have lost more than half of their value in 2020.
Bitcoin peaked at around $67K in November and then gradually came down to 35K in January. Many believed the coin bottomed out at this point, and its temporary recovery indicated they were right. However, May marked another downfall that continued into June, resulting in close to a 50 percent loss in value over the past six months.
Ethereum, the world’s second most-valuable cryptocurrency, also suffered heavy losses. It lost more than 65 percent of its value in the past six months and is currently trading at $2,258.91.
Bitcoin’s slide has had some major consequences on the crypto market. The most significant has to be the decision of The Celsius Network to pause all withdrawals. One of the leading crypto lending platforms said in a statement that the decision was made “in order to stabilize liquidity and operations.” It is unclear when the withdrawals could be permitted again.
