Bitcoin (BTC) has fallen almost 20% as part of the collapse of the crypto market after popular lenders have frozen withdrawals and relocations.

According to CoinMarketCap, BTC fell 17.96% in 24 hours to $ 23,054.90, losing 26.29% of its value in 7 days.

This trend is seen across the cryptocurrency market, with Ethereum (EHM) declining 20.52% to $ 1,215.44 in 24 hours and Tether (USDT) declining 0.03% to just under $ 1 (0.9986). rice field.

The market reaction took place after the Celsius network, a major cryptocurrency lender, posted on its website.

“We are taking this action today to put Celsius in a better position to respect our withdrawal obligations.

“Acting for the benefit of our community is our number one priority. In order to meet that commitment and comply with the risk management framework, we have provisions in terms of use that enable us to carry out this process. Enabled.

“Celsius has valuable assets and we are working hard to fulfill our obligations.”

With the announcement of Celsius, cryptocurrency lending platform Nexo has proposed to acquire assets.

“After looking like the bankruptcy of @CelsiusNetwork and keeping in mind the impact on their holding investors and the crypto community, Nexo has extended its formal offer to acquire @CelsiusNetwork’s eligible assets after the withdrawal freeze. The group tweeted.

Digital lender Binance also announced that it had “temporarily suspended Bitcoin withdrawals” after the crash.

Michael Kamerman, CEO of Trading Platform Skilling, told PA News Agency: ..

“This sharp fall is arguably just a reflection of the current bear market, as the Fed is ready to further tighten interest rates this week.

“When a crypto company like Celsius suspends transfers at such a critical time, it doesn’t look good to the market, especially since the recent crypto press was already the least aggressive.

“This may be a precursor to the future, but despite the chilling sentiment towards particularly risky projects after the collapse of Luna and Terra’s tokens, crypto still remains a trader, a major player in financial services, and everything else. It’s in the mouth of the government and policy makers. “

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