The volatility of the cryptocurrency market is in the news again. If these days we were talking about the collapse in the value of Ethereum, it is now Bitcoin which has also suffered a significant drop in its value. In just five days it has lost 20% in value. Long gone are the days when it exceeded $50,000 in value.
Bitcoin falls 20% in just five days
Just yesterday its value fell to 21,600 euros, so it continues with a negative streak in the past week, having lost that aforementioned 20% in value.
Drop
One of the reasons for this uneasiness in the market is that the platform Celsius Network has communicated to its 1.7 million customers, which paused all operations with Bitcoins. The argument the company has given is that this is due to extreme market conditions, implying that they are not favorable. Although there is controversy because just before announcing this, Celsius transferred cryptocurrencies valued at $320 million to the FTX exchange.
In addition, it is not known when this trading freeze will end. Something that generates even more doubts about the situation and is contributing to the collapse in the value of these cryptocurrencies in the past week.
Bitcoin has fallen overall, in the last few hours and has undergone a slight recovery, but does not rule out that in the coming days the most popular cryptocurrency will experience again a fall in its value. Especially given the uncertainty generated by the situation around Celsius Network.