Crypto Markets Meltdown As Bitcoin Tumbled to Its Lowest

The crypto markets have taken a nosedive. As Bitcoin and Ethereum price drops, many altcoins are experiencing even massive losses. The Crypto market meltdown continued as Bitcoin tumbled to its lowest, extending last week's losses. The MVIS CryptoCompare Digital Assets 100 Index, which measures 100 of the top tokens, dropped 17%. And the total market value, which topped $3 trillion in November, went down below $1 trillion during New York trading hours.

Bitcoin is the most popular cryptocurrency among traders, and it has been the most volatile. After news emerged that the Celsius lending platform had frozen withdrawals, Bitcoin fell to its lowest level in about 18 months. As a result, it accelerated a crypto market meltdown, as Bitcoin continued to lose value. Two of the world's biggest crypto platforms have frozen activity temporarily.

Cryptocurrency traders lost money as digital assets as Bitcoin and Ethereum got hammered in the biggest sell-off since last year. According to a recent study, most cryptocurrency traders are relative newbies, making them the largest, and hardest-hit group in Monday’s brutal bout of selling.

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