The price of crypto fell free to leave bitcoin at US $ 21,299 per chip. The price of the digital currency with the largest capitalization is the lowest in more than 18 months.
Based on coinmarketcap.com, Tuesday (14/6), bitcoin fell 17.36 percent overnight or 27.49 percent in the past week.
Meanwhile, ethereum also plummeted to 17.49 percent. Now, a piece of ethereum is only priced at US $ 1,121. In fact, the normal price of ethereum is above US $ 2,000 per chip.
Furthermore, BNB fell 13.18 percent to the position of US $ 208.51 per chip. While cardano fell 4.68 percent to the position of US $ 0.4455 per chip.
Not to forget, XRP and Solana also fell by 10.01 percent and 8.59 percent, respectively. Currently, a piece of XRP is priced at US$0.2978 and solana US$26.45 per chip.
The two largest cryptocurrency platforms in the world are also restricting trading activity as the crypto market crisis continues.
The Celsius Network, a platform with 1.7 million subscribers, said that extreme market conditions had forced the company to temporarily suspend all withdrawals, exchanges and transfers between accounts.
"We are taking the necessary actions in the interest of our entire community to stabilize liquidity and operations temporarily to protect assets," the company said in a statement.
Meanwhile, Binance, the world's largest cryptocurrency exchange, suspended withdrawals on the bitcoin network for several hours on Monday (13/6).
The company made that decision because several transactions were stuck. "We are still working to process any pending bitcoin network withdrawals, and this is expected to be completed within the next few hours," the company said in a statement.
The cryptocurrency market has taken a hit in recent months following the covid-19 pandemic. The world's major central banks have raised interest rates to rein in soaring inflation and traders are rushing to dump riskier investments, including their volatile crypto assets.
Bitcoin, the world's most valuable cryptocurrency, has lost 15 percent in the last 24 hours, putting it about 66 percent below its all-time high in November 2021.
TerraUSD, a riskier algorithmic stablecoin that uses complex code to peg its value to the U.S. dollar, also collapsed, scorching the deposits of thousands of investors.
Meanwhile, the United States Government is watching the impact of the crypto crash closely and may move to protect investors.
"There are a lot of risks associated with cryptocurrencies," said US Treasury Secretary Janet Yellen, promising to release a report on crypto issues.
Currently, crypto is still prohibited as a means of payment in Indonesia.
However, crypto is a commodity futures exchange, so it doesn't matter as long as it is used as an investment or as a commodity traded by market participants.
Crypto assets are regulated by the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade through CoFTRA Regulation No. 2 of 2019 concerning the Implementation of the Physical Commodity Market on the Futures Exchange.
