Bitcoin Drops Below $23,000 In Crypto Crash

Bitcoin tumbled on Monday to an 18-month low under $23,000 in a broad cryptocurrency crash, as investors snubbed dangerous assets in the face of a vicious global markets selloff, just seven months after the virtual unit increased to a record high.

The world’s most popular crypto asset also took a heavy knock from news that crypto lending platform Celsius Network paused withdrawals, citing volatile conditions.

Losses got worse as major exchange Binance temporarily suspended bitcoin withdrawals but advised customers to use other networks.

World stock markets have plunged since Friday when data revealed US inflation at a fresh four-decade high.

That increased global recession sent investors fleeing risky cryptocurrencies like bitcoin and ether, and embracing traditional safe assets such as the dollar.