Bitcoin eases from 18-month low as crypto market stabilises

📆 6/16/2022 4:18 PM
📰 asiaonecom

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LONDON/NEW YORK — Bitcoin recovered on Wednesday (June 15) after diving to an 18-month low, buoyed by the US Federal Reserve's tough stance on inflation even in the midst of a market meltdown this week after crypto lender Celsius froze customer withdrawals. The world's largest cryptocurrency fell as much as 7.8 per cent to US$20,079.72 (S$28,000), its lowest since December...

Reuters

Cryptocurrencies were buoyed as the S&P 500 rallied after a policy announcement by the Federal Reserve to raise interest rates, snapping a five-session losing skid. The value of the global crypto market has tumbled 70 per cent to under US$900 billion from a peak of US$2.97 trillion in November, CoinMarketCap data shows.

The chaos in the crypto market has spread to other companies, with a number of exchanges slashing workforces.

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