Bitcoin tumbles to new 18-month low

Bitcoin tumbles to new 18-month low
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LONDON (June 15): Bitcoin fell on Wednesday (June 15) to a new 18-month low, dragging down smaller tokens with it, as the recent tumble in crypto markets showed no sign of letting up.

The world's largest cryptocurrency fell as much as 6.3% to US$20,715.69 (about RM91,552.99), its lowest since December 2020.

Bitcoin has lost around 28% since last Friday and more than half of its value this year. Since its record high of US$69,000 in November, it has slumped around 70%.

The token has tumbled after US crypto lender Celsius this week froze withdrawals and transfers between accounts, stoking fears of a wider fallout in the digital asset market.

Expectations of sharper US Federal Reserve interest rate hikes to combat soaring inflation in the world's biggest economy have also heaped pressure on risky assets from cryptocurrencies to stocks.

Smaller cryptocurrencies, which tend to move in tandem with Bitcoin, also fell. Ether, the second largest token, fell as much as 9.4% to US$1,090.