On Sunday night, crypto markets free fall continued with Bitcoin BTC price hitting 18 months low since December 2020, as controversial crypto lender Celsius announced it was suddenly pausing all customer withdrawals, swaps, and transfers.
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“We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” the company wrote in a blog post on Medium. “We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets. Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.”
The company’s CEL token quickly reacted, dropping 70% in one hour from a prior high of $0.49 earlier on Sunday down to $0.15, according to CoinMarketCap.
Bitcoin plunged to the lowest in about 18 months , trading Monday as the impact of Friday’s shock US inflation data continued to reverberate through global risk assets.
The world’s largest digital token tumbled as much as 8.9% to $24,903.49 — its lowest since December 2020. Other cryptocurrencies also declined as a broader sell-off continued.