Bitcoin's value has dropped again to below $23,000 again.

Lined Circle
Lined Circle

Bitcoin's value has once again dropped below $23,000 per coin, its lowest level since December 2020.

This time, the drop was triggered by Celsius Network's announcement that it would stop buying and sending bitcoin in Asian markets due to "critical market conditions."

Celsius Network, which has 1.7 million customers, said "extreme market conditions" had forced it to temporarily halt all withdrawals, crypto swaps and transfers between accounts.

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the company also said "We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,"

"Bitcoin's value fell to $22,817 from almost $30,000 last Friday as a result of this move.

This is the latest in a sequence of drops that began last November, when the bitcoin currency reached its greatest value in history, around 62,000 dollars.

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If the current scenario persists, mining companies may be forced to shut down their operations since they would lose money owing to the high cost of power, which will inevitably lead to a further decrease.

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