Bitcoin plummets as major crypto lender ceases operations

Bitcoin and other cryptocurrencies were collapsing in price on June, 13, 2022 after the major crypto lender Celsius halted all withdrawals citing ‘extreme market conditions’. It is the second collapse of a part of the crypto world in the last two months. — AP

NEW YORK: The price of bitcoin and other cryptocurrencies plummeted on June 13 after a major cryptocurrency lender effectively failed and halted all withdrawals from its platform, citing “extreme market conditions”.

It’s the latest high-profile collapse of a pillar of the cryptocurrency industry. These meltdowns have erased tens of billions of dollars of investors’ assets and spurred urgent calls to regulate the freewheeling industry.