Cryptocurrency-related stocks, including Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN), Marathon Digital Holdings Inc (NASDAQ: MARA) and Riot Blockchain Inc (NASDAQ: RIOT), are trading lower Monday amid a sharp decrease in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Bitcoin, the world's oldest cryptocurrency, fell to its lowest levels since the end of 2020 on Monday. The crypto market seems to be falling amid a selloff in broader risk assets after traditional markets traded sharply lower last week in the wake of runaway inflation data.
Crypto lending company Celsius stopped withdrawals for its customers, which has sparked investor fear. Binance also paused Bitcoin withdrawals, citing a "stuck transaction."
This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.Likely this is going to take a bit longer to fix than my initial estimate. More updates soon. Thanks for your patience and understanding