Crypto prices plunge with Bitcoin falling below $25k - The Verge
Prices of cryptocurrency fell after Celsius announced a pause on withdrawals from its DeFi lending platform. Binance has temporarily paused Bitcoin withdrawals, as the price of Bitcoin dropped below $24,000.
On Sunday night, the Celsius Network, one of the largest crypto lending platforms, abruptly announced a “pause” on withdrawals and transfers, citing “extreme market conditions.” Celsius announced its halt as markets in Asia opened on Monday morning, and the price of its CEL token — worth nearly $7 a year ago — lost a third of its remaining value, falling to just 21 cents.
In the hours that followed the pause, prices of other cryptocurrencies have also tumbled. CoinMarketCap’s global cryptocurrency tracker showed the total market cap of crypto assets (including stablecoins and tokens) below $1 trillion as of 8:53AM ET, falling from its peak of $3 trillion last November.
The price of Bitcoin on Coinbase as of 9:33AM ET.
The price of Bitcoin has fallen nearly 12 percent in the last 24 hours, shedding about $2,000 from its price since the Celsius news came out, dropping to $23,510.15 as of 9:33AM ET, according to Coinbase. The last time the price of Bitcoin was that low was in December 2020, while it peaked on November 9th, 2021, at $69,000. Today’s drop is continuing a slide that CoinDesk noted has gone on for 12 straight weeks, from $49,000 in March.
The same goes for Ethereum, which is down about 14 percent in the last day and dropped from $1,355 prior to the Celsius announcement to about $1,238 as of 9:33AM ET. On November 9th last year, it also peaked, reaching $4,891.
A key area to watch is Bitcoin mining, where CoinTelegraph reports, based on data from Bitdeer and others, that older mining rigs risk shutdown at current prices and mining difficulty. That’s the point where they would no longer be profitable to operate — with profits canceled out by the cost of the electricity it takes to power the rigs.