Cryptocurrencies deepen their losses on Tuesday and the best known, bitcoin, is already below $22,000 (21,053 euros), a level not seen since November 2020, when it was in full bullish rally. Specifically, bitcoin was trading at 21,997 dollars (21,051 euros) at 2 p.m., 7.49% less than the previous day, while ethereum was down 2.41% at that time and changed to 1,174 dollars (1,123 euros).
Cryptocurrencies have been trading down since November of last year, after a bullish ‘rally’ that catapulted them to all-time highs. In this context and in the face of these sharp falls, Binance decided to temporarily suspend withdrawals through the bitcoin network on Monday as a result of the blockage of one of the processed batches.
Cryptocurrency trading and lending platform Celsius Network also decided to suspend all withdrawals, trades and transfers between accounts on Monday as a result of “extreme conditions” in the market.
According to the Coingecko website, the cryptocurrency market fell by 5% at 2:00 p.m., with weekly declines of 29.9% in the case of bitcoin and 37% in that of ethereum, while so far this year, the collapse is 54% and 69%, respectively.
The spokesman in Spain for the multi-asset investment platform eToro, Javier Molina, highlighted on Monday in a comment that bitcoin will not leave the danger zone until it exceeds 32,000 dollars (30,600 euros).
