Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping by as much as 12% to less than $18,100 by late afternoon on the East Coast, according to the cryptocurrency news site CoinDesk.
had plunged as much as 9.7% to less than $18,600 by late afternoon on the East Coast, according to the cryptocurrency news site CoinDesk. At some points during the day, it was below $18,000.
Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation. Higher rates can help bring down inflation, but they also heighten the chances of a recession by increasing borrowing costs for consumers and businesses and pushing down prices for stocks, and other investments like cryptocurrencies.
One of them, Celsius Network, said this month that it was pausing all withdrawals and transfers, with no sign of when it would give its 1.7 million customers access to their funds. Another platform, Babel Finance, said in a notice posted online Friday that it would suspend redemptions and withdrawals on products due to “unusual liquidity pressures.”“There is a lot of turbulence in the market,” Fracassi said.
Crypto had permeated much of popular culture before its recent tumble, with Super Bowl ads touting the digital assets and celebrities and YouTube personalities routinely promoting it on social media.
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