How the crypto market came crashing down
It's been another bad week for the cryptocurrency market.
On Sunday, crypto lending and trading platform Celsius Network announced that it would be pausing all withdrawals and transfers. Coinbase, another crypto trading platform, also laid off 18 per cent of its workforce on Tuesday and warned of an extended "crypto winter." And on Saturday, the price of Bitcoin fell below US$20,000 for the first time since 2020.
This crash kicked off last month, as the U.S. Federal Reserve signalled its intention to hike interest rates to combat inflation, prompting investors to sell off risky assets like crypto holdings. But it's not the only factor that explains the recent collapse in the crypto market.
It's been another bad week for the cryptocurrency market.
On Sunday, crypto lending and trading platform Celsius Network announced that it would be pausing all withdrawals and transfers. Coinbase, another crypto trading platform, also laid off 18 per cent of its workforce on Tuesday and warned of an extended "crypto winter." And on Saturday, the price of Bitcoin fell below US$20,000 for the first time since 2020.
This crash kicked off last month, as the U.S. Federal Reserve signalled its intention to hike interest rates to combat inflation, prompting investors to sell off risky assets like crypto holdings. But it's not the only factor that explains the recent collapse in the crypto market.
09:55 AM - Jun 20, 2022
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