Bitcoin dives after US crypto lender Celsius Network freezes withdrawals

A cyclist passes the entrance to the La Maison du Bitcoin bank in Paris, France, on Thursday, Nov. 23, 2017. Photographer: Christophe Morin/Bloomberg

Bitcoin tumbled on Monday after major US cryptocurrency lending company Celsius Network froze withdrawals and transfers citing “extreme” conditions, in the latest sign of the financial market downturn hitting the cryptosphere.

The Celsius move triggered a slide across cryptocurrencies, with their value dropping below $1 trillion on Monday for the first time since January 2021, dragged down by a 12% fall in the largest token bitcoin.

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