The price of bitcoin fell in response to Celsius Network pausing all transactions off-platform in response to a liquidity crisis and other market disruptions.
Bitcoin fell below $23,000 today in a new 52-week low during early trading hours representing a 67% downturn from the all-time high of $69,000 causing panic across the broader market. What happened?
Traditional market fears can easily be attributed to the upcoming Federal Open Market Committee (FOMC) meeting coming up this Wednesday where the Federal Reserve is expected to continue raising rates, which ultimately pressures the entire economy as uncontrollable levels of debts become harder to sustain and debt becomes more expensive.
A loss of institutional trust combined with intensifying market fears has caused a cascading depletion of market cap as financial markets bleed.