Gadgets Africa
  • News
    Apple introduces Apple Pay Later

    Apple introduces Apple Pay Later

    Automaker Lucid Group lays off 1,300 workers

    Automaker Lucid Group lays off 1,300 workers

    Paystack co-founder Shola Akinlade acquires Danish football club

    Paystack co-founder Shola Akinlade acquires Danish football club

    AI company Cerebras releases ChatGPT-like models

    AI company Cerebras releases ChatGPT-like models

    China urges Apple to strengthen data security, privacy protection

    China urges Apple to strengthen data security, privacy protection

    FTX's Bankman-Fried faces new indictment of bribing Chinese officials

    FTX’s Bankman-Fried faces new indictment of bribing Chinese officials

    Google to launch new features for teachers, students

    Google to launch new features for teachers, students

    Substack launches community fund for writers to own stake in company

    Substack launches community fund for writers to own stake in company

    Alphabet seeks dismissal of US antitrust lawsuit against Google

    Alphabet seeks dismissal of US antitrust lawsuit against Google

  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders
Gadgets Africa
No Result
View All Result

Bitcoin slumps under $25,000, lowest in 18 months

by Agency Report
June 13, 2022
in Cryptocurrency
Reading Time: 2 mins read
Sanctions may cripple Russia’s multibillion-dollar crypto industry – Experts
Share on FacebookShare on TwitterShare on Telegram

Bitcoin tumbled Monday to an 18-month low under $25,000 as investors shunned risky assets in the face of a vicious global markets selloff, months after the cryptocurrency hit a record high.

The unit took a heavy knock also from the news that cryptocurrency lending platform Celsius Network paused withdrawals, citing volatile conditions.

World stock markets have plunged since Friday when data showed US inflation at a fresh four-decade high, increasing recession fears and sending investors running for safer assets like the dollar.

“It is not very surprising to see such a strong downturn as we have noticed an increased correlation over the last few years between traditional stocks, which have also tanked recently, and the cryptocurrency market,” noted XTB chief market analyst Walid Koudmani.

The world’s most popular cryptocurrency dived about 10 per cent to hit $23,794 in morning London deals, striking a level last seen in December 2020.

The virtual unit has collapsed by 65 per cent in value since striking a record peak $68,991.85 in November.

Investors on Monday sought safety with the US central bank seen likely to aggressively ramp up borrowing costs further to combat runaway inflation.

Bitcoin’s decline accelerated after the news from Celsius Network.

“Today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts,” the platform said in a statement.

Celsius made the move “due to extreme market conditions”, it added.

The total value of customer deposits had already shrunk by more than half to under $12 billion in May compared with the end of last year.

 

– $1 trillion market –

 

Koudmani said further falls for bitcoin “may trigger a cascading effect of liquidations of hedging positions” taken against the cryptocurrency.

The global crypto market, comprising other virtual currencies which are tanking such as Ethereum, is worth about $1 trillion, according to crypto data aggregator CoinGecko.

That is down from a level of more than $3 trillion at its peak seven months ago, when the market rode a wave of massive investor demand amid growing acceptance from large financial institutions.

In a sign of the growing importance of cryptocurrencies, two countries, El Salvador and the Central African Republic have taken the gamble of adopting bitcoin as legal tender — despite strong criticism from international financial institutions.

Tags: Bitcoin
ADVERTISEMENT

Related Posts

US judge rules on FTX founder's bail conditions Friday
Cryptocurrency

US judge rules on FTX founder’s bail conditions Friday

by Joy Onuorah
March 10, 2023
Crypto shares slump after Silvergate crash
Cryptocurrency

Crypto shares slump after Silvergate crash

by Joy Onuorah
March 9, 2023
Crypto shares slump after Silvergate crash
Cryptocurrency

Illicit crypto transactions hit $20b in 2022

by Joy Onuorah
January 22, 2023
FTX's Bankman-Fried faces new indictment of bribing Chinese officials
Cryptocurrency

I didn’t steal FTX funds – Bankman-Fried

by Joy Onuorah
January 12, 2023
Next Post
Musk, Twitter legal battle still on - Judge

Elon Musk meets Twitter staff Thursday

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Youtube introduces ‘Go Live Together’ for Youtubers

Youtube introduces ‘Go Live Together’ for Youtubers

February 3, 2023
Buhari enacts startup bill

UN encourages Nigeria, others to swap commodities for tech

July 14, 2022

Trending.

Telecom subscribers' growth in Lagos, four others hit 56m

Telecom subscribers’ growth in Lagos, four others hit 56m

July 6, 2022
GitLab to cut 7% workforce

GitLab to cut 7% workforce

February 9, 2023
Security agencies can access suspects’ SIM profiles in one hour

Nigerians buy 68 million SIMs in four years

May 31, 2022
Uber to pay UK £615mn in tax settlement

Uber names group responsible for cyberattack

September 20, 2022
Netflix to debut subscription with ads

Netflix to invest in live sports, pushes for streaming rights– WSJ

November 9, 2022
Gadgets Africa

© 2023 Gadgets Africa.

Navigate Site

  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

Share

No Result
View All Result
  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

© 2023 Gadgets Africa.

Go to mobile version