NEW YORK – Bitcoin and other cryptocurrencies were collapsing in price Monday, after a major cryptocurrency lender effectively failed and halted all withdrawals from its platform, citing “extreme market conditions.”
It’s the latest high profile collapse of a pillar of the cryptocurrency industry. These meltdowns have erased tens of billions of dollars of investors’ assets and spurred urgent calls to regulate the freewheeling industry.
Bitcoin was trading at roughly US$23,400 Monday afternoon, down more than 16% in the past day. Ethereum, another widely-followed cryptocurrency, was down more than 20%.
