Cryptocurrency market value tumbles below $1 tln

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STORY: The total value of the cryptocurrency market tumbled below $1 trillion on Monday (June 13).

It’s the first time the tokens have fallen below that level since January last year.

And it comes after a surprise move by major U.S. crypto lending company Celsius Network.

The firm froze withdrawals and transfers due to what it called ‘extreme’ conditions.

It led to a slide across crypto tokens – with bitcoin down as much as 19% to an 18-month low of just under $24,000.

Number two token Ethereum was down as much as 28%.

Crypto markets have dived in the past few weeks.

That as rising interest rates and inflation hurt riskier assets across financial markets.

In May, the collapse of the terraUSD and luna tokens also shook the industry.

Celsius offers interest-bearing products to customers who deposit crypto at its platform.

It then lends out crypto to earn a return.

But regulators, particularly in the U.S., have grown concerned about the surge in crypto lending.

They are worried about investor protections and systemic risks from unregulated lending products.

Celsius did not immediately respond to a request for comment.