Wednesday, June 29, 2022
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Cryptocurrency crash deepens: Bitcoin, Ether plunge further

The cryptocurrency sell off deepened on the weekend extending the concerns of the investors. Bitcoin breached the $20,000 level this week, touching an 18-month low. The slumps in prices this week came after one of the biggest crypto lenders Celsius Network froze withdrawals and transfers between accounts. The crash has also coincided with a declining stock market.

On Sunday morning, the market leader bitcoin stood at $18,951.70, down more than $3,000 in just five days. A month ago on May 19, bitcoin stood at $30,321.60, but is now down more than $11,000 from its value then.

The second largest cryptocurrency, ether slid down to $990.17 on Sunday morning, down over 217 percent in the last five days, losing a value of more than $200 in the time. In the last month since May 19, ether has shed more than half of its value, coming to below $1,000 from $2,017.57 a month ago.

On Saturday, bitcoin dropped over 13% at a point as it slid below 20,000. This is its lowest level in 18 months.

After Saturday’s sell-off, the global crypto market cap stood at $826.93 billion on Sunday morning with a 6.67% dip over the last day, data from CoinMarketCap showed.

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