After briefly falling below $21,000 in Asia, it bounced back slightly before continuing its plunge.
In the past 24 hours, the world's largest coin fell more than twice as much as the second largest.
On Tuesday in Asia, the price of the virtual currency was $21,800.
The head of trading and technical analysis at ZebPay said that everything is on fire at the moment.
Fear, uncertainty and doubt are what you see in the market. He told CNBC that the markets look oversold and that there needs to be some floor in the future.
On Monday, trading platforms halted withdrawals and some companies cut jobs as the value of cryptocurrencies plummeted.
Due to extreme market conditions, withdrawals, swaps, and transfers between accounts will be stopped.
The company said in a memo that they were taking this action to put Celsius in a better position to honor its withdrawal obligations.
The world's largest digital currency exchange halted withdrawals for three hours due to a stuck transaction.
The market cap for cryptocurrencies fell below $1 trillion for the first time in over a year. The market has lost around $200 billion in the last few days.
As major central banks around the world hike interest rates to tame inflation, investors are shunning riskier assets.
Policymakers at the U.S. Federal Reserve are considering a 75-basis-point rate increase this week. Many traders had expected a 50-basis-point hike. The Wall Street Journal was the first to report it.
Future earnings for growth assets can be less attractive due to rising rates.
The price of the digital currency has fallen from its all-time high.
All Rights Reserved © 2024
