Bitcoin Drops Toward $20K Amid Contagion Risks in Crypto Markets
https://www.coindesk.com/markets/202...rypto-markets/
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 this morning, as reported.
Bitcoin fell to just above the $22,000 level in U.S. hours on Tuesday. The decline gathered pace on Wednesday morning, with the cryptocurrency sliding under $21,000, dropping for the eighth consecutive day and losing 30% over the past week.