Sell-off continues, bitcoin and ethereum fall

Illustration of two commemorative bitcoins with green background.

Artur Widak | Nurphoto | beautiful pictures

Bitcoin briefly fell below $21,000 on Tuesday in Asia before recovering slightly, continuing to plunge as investors sell off risky assets.

The world’s largest cryptocurrency has dropped nearly 14% in the past 24 hours, while ethereum down more than 12% year-over-year, according to Coinbase data.

Bitcoin was hovering around $21,800 on Tuesday in Asia.

“Things are on fire right now, could be stocks, could be crypto assets,” said Nirmal Ranga, head of trading and technical analysis at crypto exchange ZebPay. or whatever”.

“What you’re seeing in the market is… fear, uncertainty and doubt. Technically the market looks oversold and there must be some floor where we’re going to hit bitcoin in the future. hybrid,” he told CNBC “Asian street signs.”

Crypto assets were closed on Monday like trading platforms like Celsius and Binance Stops Withdrawalsand some companies cut jobs.

Celsius said withdrawals, swaps and transfers between accounts will be halted because of “extreme market conditions” and the move is intended to “stabilize liquidity and operations”.

“We’re taking this action today to put C in a better position to respect, over time, its withdrawal obligations,” the company said in a memo.

Meanwhile, Binance, the world’s largest cryptocurrency exchange, halted bitcoin withdrawals for more than three hours “due to a transaction stuck causing a backlog.”

Cryptocurrency market capitalization fell below $1 trillion on Monday for the first time since February 2021, data from CoinMarketCap shows. About $200 billion has been wiped off the market in recent days.

Read more about technology and crypto from CNBC Pro

The crypto sell-off comes as investors steer clear of risk assets amid fears of a potential global recession as the world’s major central banks raise interest rates to curb inflationary.

Policymakers at the US Federal Reserve are currently weighing the idea of ​​a 75 basis point rate hike later this week, according to CNBC’s Steve Liesman. This is larger than the 50 basis point increase many traders have come to expect. The The Wall Street Journal reported the story before.

Rising rates tend to make future earnings on growth assets look less attractive.

Bitcoin is down nearly 70% from its all-time high in November 2021.

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