Crypto crash 2022: why are bitcoin and ether down? Should you buy the dip?

Bitcoin BTCUSD, -2.08% plunged to as low as $20,834 late Monday, the lowest level since December 2020 and down about 70% from its all-time high in November. The No.1 cryptocurrency is trading at around $22,407 Tuesday, down 5% over the past 24 hours, according to CoinDesk data.

Ether ETHUSD, -1.55% plummeted to as low as $1,075, down 78% from its all-time high.

The mayhem comes amid a broad selloffs of risk assets. On Monday, the Dow Jones Industrial Average DJIA, -0.50% fell almost 900 points, while the S&P 500 index SPX, -0.38% entered a bear market. The Nasdaq Composite COMP, +0.18% dropped 4.68%.

What’s more, investors are fretting over the news that crypto lending platform Celsius paused all withdrawals from customers and transfers between accounts, only one month after blockchain Terra’s collapse shook investors’ confidence on some crypto projects. 

Frances Yue | MarketWatch

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