Bitcoin and other cryptocurrencies fell sharply as investors dump risk assets. A crypto lending company called Celsius is pausing withdrawals for its customers, sparking fears of contagion into the broader market.
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Crypto has had a brutal first half of 2022, but few days have been this bad for the industry that’s built itself up around digital currencies.
On Monday, trading platforms halted withdrawals, companies cut jobs, and panicked investors dumped their holdings, dragging the market cap of crypto below $1 trillion, down from $3 trillion at its peak in November.