Bitcoin falls below $25,000, Celsius and Binance pause withdrawals. Look it Now!

Bitcoin falls below $25,000, Celsius and Binance pause withdrawals. Look it Now!

Bitcoin kept falling this week, as it did last weekend, falling below $24,000 by the time this report was published, reaching its lowest level since 2020. Investors started to divest from the cryptocurrency amid a broader sell-off in risky assets.

According to experts, Bitcoin's fall is due to record inflation, as well as the Federal Reserve's decision to raise rates. In connection with this, other cryptocurrencies also fell in price.

At the same time, Ethereum has fallen in price by 16.5%, and the price is below $1,300. It is worth recalling that this cryptocurrency ranks second in the world after bitcoin in terms of market capitalization.

Because of the above-mentioned declines, the total market capitalization fell by almost 11.6% and is less than $1.02 trillion. BTC's dominance index is 45.2% and ETH's is 14.6%.

U.S. stock indices also reacted to the news by falling: the S&P 500 fell 2.1%, the Nasdaq Composite fell 2.75%, and the Dow Jones Industrial Average fell 1.94%.

The cryptocurrency market experienced a strong fall since the U.S. Federal Reserve raised interest rates, and the stock market quotations decreased in the spring, as well as due to the global crisis due to the conflict between Russia and Ukraine.

This situation was quite expected, because if we look at the statistics, for example, in May the total income of miners of the first cryptocurrency amounted to $906 million. The index decreased by 22% compared to April. Ethereum miners, which fell 18% to $1.44 billion, had a similar index.
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