The cryptocurrency market witnessed a major selloff this morning with its overall market cap dropping below $1 trillion for the first time in over a year after major crypto lending platform Celsius announced it was suspending all withdrawals due to “extreme market conditions. Bitcoin’s value fell below $24,000—down nearly 14%—the lowest level it has been in 18-months following Celsius’ announcement.

Amid the selloff, crypto exchange Binance announced that it was temporarily suspending Bitcoin withdrawals which CEO Changpeng Zhao said was due to a “stuck transaction causing a backlog.”

Ethereum, the world’s second most valuable cryptocurrency by market cap, saw its value crater by more than 18.3% dropping below $1,200.The market wide selloff has also affected other popular tokens like Binance’s BNB, Dogecoin and Solana, which are down 15%, 18.3% and 18.9% respectively.

In a blog post published after midnight on Monday, Celsius said it was “pausing all withdrawals, [currency] swap, and transfers between accounts,” noting that it was doing so to allow itself to meet all of its withdrawal obligations in the future.

Read the full story on Forbes: https://www.forbes.com/sites/s....tevenehrlich/2022/06

https://www.forbes.com/sites/s....iladityaray/2022/06/

Subscribe to FORBES: https://www.youtube.com/user/F....orbes?sub_confirmati

Stay Connected
Forbes newsletters: https://newsletters.editorial.forbes.com
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com

Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.