The world’s largest cryptocurrency fell to a new 18-month low on Wednesday. The recent fall in the crypto market showed that the weakness would continue if the inflation and economic uncertainty does not improve.
The value of the global cryptocurrency market has fallen under $900 billion, down from a peak of $2.97 trillion in November according to CoinMarketCap.
Bitcoin tumbled as much as 9.51 percent to $20,210, its lowest since December 2020. It has lost around 28% since Friday and more than half of its value this year. Since its record high of $69,000 in November, it has slumped about 70%.
Smaller cryptocurrencies, which tend to move in tandem with bitcoin, also fell. Ether, the second-largest token in terms of market capitalization, also fell as much as 12% to $1,045, a new 15-month low.
In a global update, Cryptocurrencies have been hit hard this week after U.S. crypto lender Celsius froze withdrawals and transfers between accounts, stoking fears of wider fall-out in digital asset markets already shaken by the demise of the terraUSD and luna tokens last month.
Meanwhile, Coinbase Global is laying off around 1,100 employees as part of a cost-cutting plan, the company said in a filing. Coinbase initially said in May it was paring back its hiring plans and then later said it would rescind new job offers.
Cryptocurrency exchange Binance has opened 2,000 positions for hiring, Chief Executive Officer Changpeng Zhao said on Wednesday, a sharp contrast to a slew of job cuts by companies operating in the digital currency space.