• Bitcoin is down 67% from its all-time high of $69,000.
  • Rising market fears amid heightened inflation coupled with failed institutions are driving price moves.
  • Celsius Network paused all withdrawals, exchanges, and transfers from its cryptocurrency exchange.

Bitcoin fell to a fresh 52-week low below $23,000 during early trading today, down 67% from the all-time high of $69,000, sending panic across the market. What happened?

Earlier this year, Terraform Labs, the startup team behind the Terra ecosystem and USDT stablecoin, announced it would acquire $10 billion worth of bitcoin to fund its stablecoin reserves. These efforts quickly failed and Bitcoin was dumped on the market while participants in the Terra ecosystem watched their wealth ebb away.

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