Bitcoin dips 17% to below $23,000; Celsius freezes all withdrawals

Crypto market cap falls below $1 trn for first time since early 2021

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 value of the cryptocurrency market fell below $1 trillion for the first time since January 2021, according to data site CoinMarketCap.

The world’s largest digital token tumbled as much as 17 per cent to $22,603 – its lowest since December 2020. Other cryptocurrencies also declined as a broader sell-off continued. 

Celsius Network paused withdrawals, swaps and transfers after weeks of speculation over the sustainability of the outsized