Bitcoin crash

Not only Bitcoin, but also Ether and other cryptocurrencies continue to crash.

However, after a year and a half, Bitcoin and Ether set a new record of price decline last Tuesday. The price of Bitcoin fell by 7.2 percent to 20 thousand 186 dollars.

In addition, at the same time, the price of Ether decreased by 10 percent to 1 thousand 75 dollars.

This is Ether's biggest price drop since January 2021. Reuters reported in a report that the 'Celsius Network' played the biggest role in the collapse of the cryptocurrency market.

The cryptocurrency lender has suspended withdrawals from its platform due to the platform's instability. Investors were alarmed by the suspension of all withdrawals from the Celsius platform along with rising inflation in the United States.

At this time, the most popular cryptocurrencies such as Bitcoin and Ether were forced to leave. Due to this, the market value of both currencies started to fall rapidly.

Singapore-based investment management firm QCP Capital said, 'Investors are panicking over fears of inflation and Celsius going bankrupt. The crypto market is becoming unstable due to this fear.

Celsius Networks said in a blog post that withdrawals and currency transfers between two accounts have been suspended due to fragile market conditions in the interest of investors.

It should be noted that US-based Celsius Network has assets of 1,800 million dollars.