ToplineThe cryptocurrency market witnessed a major selloff on Monday morning with its overall market cap dropping below $1 trillion for the first time in over a year after major crypto lending platform Celsius announced it was suspending all withdrawals due to “extreme market conditions.”The value of Bitcoin slumped to 2020 levels on Monday amid a market wide cryptocurrency sell off. dpa/picture alliance via Getty ImagesKey FactsBitcoin’s value fell below $24,000—down nearly 14%—the lowest level it has been in 18-months following Celsius’ announcement. Crypto investors have been spooked by surprisingly high inflation and an expected interest rate hike by the Federal Reserve later this week. Celsius has also borrowed $500 million from the U.S. dollar-pegged stable coin Tether, down from an originally planned loan of $1 billion. Further ReadingCrypto Lending Service Celsius Pauses Withdrawals, Citing 'Extreme Market Conditions' (Coindesk)Crypto lender Celsius pauses withdrawals, transfers citing ‘extreme market conditions’ (TechCrunch)Crypto Lender Celsius Freezes Withdrawals, Fuels Market Rout (Bloomberg)Crypto lender Celsius Network stung by sell-off in digital asset market (Financial Times)

Source: Forbes June 13, 2022 10:50 UTC