The ‘chaotic’ week continued to sink the crypto market even more severely until Bitcoin (BTC) sank to its latest low since December 2020 to $ 17,592.78 on Saturday.
Among the factors causing this fall were growing problems in the crypto industry and the Federal Reserve’s (Fed) aggressive measures that led to a decline in risky assets.
Widespread selling began on Monday last week, when crypto lending firm Celsius Network shocked the market by announcing to suspend transactions between accounts following highly volatile market conditions.
The crypto market, which was already weak following expectations of an aggressive tightening of the Fed due to soaring inflation, continued to fall lower following the report.
The suffering continues for crypto investors following a report that crypto hedge fund Three Arrows Capital is considering options, including asset sales and bailouts by other firms on Friday.
On the same day, Asian crypto lender Babel Finance said it would temporarily suspend production and some other operations due to unusual liquidity pressures in the market.
The bad news made the crypto market fall even harder over the weekend.
The start of the week however saw BTC regain support for trading hovering around $ 20,000 while Ethereum (ETH) was stable at $ 1,070 after plunging to $ 880 last Saturday.
