On Sunday night, the Celsius Network, one of the largest crypto lending platforms, abruptly announced

13 June 2022

a “pause” on withdrawals and transfers, citing “extreme market conditions.

Celsius announced its halt as markets in Asia opened on Monday morning,

In the hours that followed the pause, prices of other cryptocurrencies have also tumbled.

CoinMarketCap’s showed the total market cap of crypto assets below $1 trillion as of 8:53AM

The price of Bitcoin has fallen nearly 12 percent in the last 24 hours,

After Celsius news came out, bitcoin dropping below $24000

The last time the price of Bitcoin was that low was in December 2020,

The same goes for Ethereum, which is down about 14 percent in the last day.

Ethereum dropped from $1,355 prior to the Celsius announcement to about $1,238

Celsius' own coin CEL drop 56% to $0.18, down from the record price of $8 reached in June 2021.