• Bitcoin is down 67% from its all time high of $69,000.
  • Intensifying market fears amid heightened levels of inflation paired failing institutions are driving price action.
  • Celsius Network paused all withdrawals, swaps and transfers from its cryptocurrency exchange.

Bitcoin fell below $23,000 today in a new 52-week low during early trading hours representing a 67% downturn from the all-time high of $69,000 causing panic across the broader market. What happened?

Earlier this year, Terraform Labs, the startup team behind the Terra ecosystem and the USDT Stablecoin, announced it would acquire $10 billion worth of bitcoin to back its stablecoin reserves. This effort quickly failed and bitcoin was dumped onto the market while participants of the Terra ecosystem watched their wealth disappear.

By Antoni