The sell-off prompted a major crypto exchange, called Celsius, to halt withdrawals on Sunday evening, meaning investors can't access their funds. Celsius was offering depositors returns of more than 18 per cent in exchange for keeping their cryptocurrencies on the company's platform. Other crypto trading platforms announced staffing cuts. On Friday, data showed the U.S. inflation rate rose to 8.6 per cent in May, the highest level in more than 40 years. Ed Moya, senior market strategist at foreign exchange firm Oanda, said the cryptocurrency market is showing signs of capitulation.

Source: CBC News June 14, 2022 02:32 UTC