Since December 2020, Bitcoin (BTC) has fallen as much as 9% to $24,903.49. EtherETHUSD is down 18.12%, AvalancheAVAXUSD is down 18.49%, and DogecoinDOGEUSD is down 19.25%, too.
Withdrawals from Celsius’s platform, which lets users store bitcoin and other crypto-assets and earn interest, will be suspended, the company said. Following the demise of stable-coin Terra USTUSD –15.75 percent, this is the latest blow to crypto investment.
The Federal Reserve’s aggressive wave of interest-rate rises has also hit crypto assets, knocking them down a notch. Friday’s inflation data indicated that the Federal Reserve may have to raise interest rates more than previously projected to rein in rising prices for consumers.
In November, the overall value of digital assets reached a record high of $3 trillion. It was reported by CoinMarketCap on Monday that the value of all digital tokens was about $1 trillion.