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Crypto Market Crashing to A New Low

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Crypto Market in trouble

The crypto market has seen yet another round of turbulence. Even the Binance marketplace and other platforms momentarily halted bitcoin transactions. A virtual currency lender, Celsius Network froze withdrawals due to “intense market circumstances”. The dollar cost of the digital asset market fell beneath $1 trillion for the very first time since early 2021. 

Celsius Network is a cryptocurrency lending service that has drawn regulatory oversight. It was successful due to its promise of excellent profits for ordinary customers. They reported the suspension of withdrawals and crypto-to-crypto exchanges for more than 2 million users on Sunday night. The firm’s solvency problem might expand to other segments of the industry.

Crypto Market Conditions
Crypto Market Conditions

Conditions of currencies and exchange platforms in the crypto market

While behind Celsius news, Bitcoin plummeted to a 17-month bottom of $23,629. Ethereum, the world’s second cryptocurrency after Bitcoin, tumbled more than 15 percent to $1,237, its worst since early 2021. Binance, one of the most popular cryptocurrency exchanges, has “apparently suspended” Bitcoin withdrawals. This occurred as a result of a “stranded on-chain exchange”. Binance said that trading would resume a few hours later. 

The fall of its computational stable coin TerraUSD, caused another prominent crypto firm, TerraForm Labs to suffer billions of dollars in damages. TerraForm, not unlike Celsius, drew attention to its service by promising high profits in the crypto market. The platform will take in consideration for staking cryptocurrencies in a digital lending marketplace.

Hope for a better tomorrow in the marketplace

Cryptocurrencies have indeed been caught up in a market turmoil over soaring interest rates and inflation. This has been dampening demand for relatively high-risk assets. Bitcoin and Ethereum continue to suffer significant bruises in the crypto market. The hyperinflation shows to be a much more formidable enemy to beat than imagined. Celsius and a few other marketplaces haven’t said when consumers would be free to withdraw their funds or make transactions. Despite the current market crash in bitcoin, buyers can indeed buy the virtual currency at 2021 prices. This will be considered an opportunity by seasoned investors.

Ujan Chakraborty
Ujan Chakraborty
Nothing but Blue Skies.
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