The bitcoin price neared $20,000 in European hours Wednesday as it extended a 12-week slide amid weak macroeconomic sentiment and contagion risk from within the crypto market, data show.
Crypto lender Celsius paused all withdrawals earlier this week citing "extreme market conditions," leading to questions about the firm’s liquidity. Prominent crypto fund Three Arrows faced at least $400 million in liquidations and scrambled to lower its collateral levels by selling key positions Wednesday morning, as reported.
Bitcoin fell to just above the $22,000 level in U.S. hours Tuesday. The decline gathered pace Wednesday morning, with the cryptocurrency sliding under $21,000, dropping for the eighth consecutive day and losing 30% over the past week.
The asset traded reached as low as $20,169 this morning, a level that was previously seen in mid-2020 and marked bitcoin highs in late 2017.
“Concerns around a sharp tightening of monetary policy are weighing on financial markets and are...
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