Cryptocurrency market value slumps under $1 trillion

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Gulf Today Report

Major US cryptocurrency lending company Celsius Network on Monday froze withdrawals because of “extreme market conditions,” in the latest sign of pressure on the sector from tumbling crypto markets.

The value of the cryptocurrency market on Monday fell below $1 trillion for the first time since January 2021, according to data site CoinMarketCap, reaching as low as $926 billion.


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The largest cryptocurrency, bitcoin, was down more than 9% on the day, falling to an 18-month low of $23,950.

In a blog post, the company said it had frozen withdrawals, as well as transfers between accounts, “to stabilise liquidity and operations while we take steps to preserve and protect assets.”

“We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations.”

 

 

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