It’s been a tumultuous year for investors, but it’s been even more so for those with a stake in crypto.

Bitcoin’s price has dropped by nearly 70% from its all-time high of $68,000 at the start of the week — to its lowest level in 18 months. Ethereum followed bitcoin’s lead and so did just about every other cryptocurrency.

The crypto market, which has been tracking with the stock markets lately, has been a casualty of the broader market selloff of risky assets as investors wrestle with high inflation, the war in Ukraine, and shifts in U.S. monetary policy. Although not usually correlated to stocks, the crypto and stock markets are rising and falling in similar patterns.

Crypto lender Celsius’ announcement Monday that it’s freezing its withdrawals due to “extreme market conditions” made matters even worse for the fragile crypto market. Crypto hedge fund Three Arrows Capital may also be in trouble amid swirling rumors that the company is insolvent following the market collapse.

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originally published at Crypto Tech News - Cybernius