https://www.theguardian.com/technolo...ket-conditions
Bitcoin withdrawals temporarily suspended in volatile day for crypto market
The cryptocurrency market has endured another day of volatility as the Binance exchange temporarily suspended bitcoin withdrawals and the total value of the digital asset market dipped below $1tn (£820bn), after a cryptocurrency lender stopped customers from taking back their funds.
The cryptocurrency lending platform Celsius Network halted withdrawals because of “extreme market conditions”, prompting a selloff.
Bitcoin dropped to a 17-month low of $23,629 after the Celsius announcement, while ether, the world’s second-largest cryptocurrency after bitcoin, dropped more than 15% to $1,237, its lowest since January 2021. Meanwhile, Binance announced it had “temporarily paused” bitcoin withdrawals owing to a “stuck on-chain transaction”, before announcing a resumption several hours later.
The total value of the cryptocurrency market fell below $1tn after the sell-off, according to the data site CoinMarketCap, which had valued the market at almost $3tn in November.