Bitcoin Stable After Steep Losses – 14 June, 2022

After hitting a sharp 18 mont low, Bitcoin stabilized on Tuesday as major crypto lender Celsius Network’s freezing of withdrawals and the prospect of sharp U.S. interest rate rises shook the volatile asset class. Bitcoin managed to claw its way back to positive territory, gaining 7.3% overnight to $$20,816, its lowest since Dec. 2020. It was last hovering around $22,470. The worlds most recognizable digital currency fell 15% on Monday, its sharpest one-day drop since March 2020. It has shed about half its value this year and over 20% since Friday alone. Since its record high of $69,000 in November, it has slumped nearly 70%.