Crypto Tracker: Markets face sharp decline in trading volumes, Bitcoin holds over $20,500
— Holds, Volume, Total, Face, Crypto, Celsius, Selloff, Bitcoin, Withdrawals, Tracker — 1 min read
On Saturday, there has been a massive decline in trading volumes pushing the cryptocurrency market cap below $925 billion. The overall crypto market cap is at $926.32 billion down by 1.10% over the last day. The selloff comes after the crypto exchange Celsius voluntarily filed for bankruptcy due to illiquidity. Celsius halted its withdrawals in June due to heavy losses arising from a deep depression in the crypto market on the back of macroeconomic uncertainties. The steep sell-off in the market has also led to the liquidation of hedge funds like Three Capital Arrows (3AC) Celsius's liabilities are around $5.5 billion, and assets are valued at around $4.31 billion. Thereby, the company has a deficit of $1.19 billion Source