Bitcoin plunged to the lowest in about 18 months after the freezing of withdrawals by the Celsius lending platform added to concern that systemic risk in the crypto ecosystem will accelerate the digital-asset market meltdown. The world’s largest digital token tumbled as much as 17% to $22 603 – its lowest since December 2020. Other cryptocurrencies also declined as a broader sell-off continued.
The collapse of the Terra/Luna ecosystem last month, and lender Celsius pausing withdrawals on Monday morning Asia time, have further eroded confidence in the space. Read: TerraUSD stablecoin plunges TerraUSD backers seek $1.
A wise man once said, be greedy when others are fearful and be fearful when others are greedy.
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