Bitcoin stems heavy losses but pessimism reigns in crypto markets

Bitcoin steadied on Tuesday after earlier hitting a new 18-month low, 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 clawed its way to positive territory after falling as much as 7.3% to $20,816, its lowest since Dec.

2020. It was last hovering around $22,399.

The world’s largest cryptocurrency 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%.