Cryptocurrencies
Crypto Market Sinks Below $1 Trillion After Latest DeFi Blowup
- Selloff comes as traders boost bets for Fed tightening
- Celsius paused withdrawals, swaps and transfers on platform
This article is for subscribers only.
Bitcoin plunged to the lowest in about 18 months after the freezing of withdrawals by the Celsius lending platform added to concern that systemic risk in the crypto ecosystem will accelerate the digital-asset market meltdown.
The world’s largest digital token tumbled as much as 17% to $22,603 -- its lowest since December 2020. Other cryptocurrencies also declined as a broader sell-off continued. The MVIS CryptoCompare Digital Assets 100 Index, which measures 100 of the top tokens, dropped as much as 17%. And the total market value, which topped $3 trillion in November, dropped below $1 trillion during New York trading hours on Monday, according to CoinGecko.