Bitcoin fell below $24,000 at the open on Monday, hitting its lowest level since December 2020, as investors dumped the virtual currency amid a broader sell-off in risk assets.

Bitcoin fell below $24,000 at the open on Monday, hitting its lowest level since December 2020, as investors sold off the virtual currency amid a broader sell-off in risk assets.

Meanwhile, a virtual currency lending company called Celsius has suspended withdrawals for its clients, raising concerns about contagion to the wider market. According to data from overseas websites, the price of Bitcoin, the world's largest virtual currency, fell below the $24,000 mark, trading at about $23,575 at 7:45 am on Wall Street (US time).

More than $200 billion has been wiped out from the entire virtual currency market over the weekend into Monday morning. The market value of virtual currencies fell below $1 trillion for the first time since February 2021 on Monday, according to data from an overseas virtual currency price website.

Macro factors have caused the virtual currency market to be bearish, inflation continues to be rampant, the Federal Reserve is expected to raise interest rates this week to control price increases.

Last week, the US index fell sharply, and the Nasdaq index , which was dominated by technology stocks , fell sharply. Bitcoin and other virtual currencies tend to correlate with stocks and other risky assets. When these indices fall, virtual currency prices also fall.

Vijay Aiyar, vice president of corporate development and international at virtual currency exchange Luno, said: "Market sentiment has changed dramatically since November 2021 in light of the Fed's interest rate hikes and inflation management. Given that the Fed may need to We may also face a recession as demand side issues are finally addressed to manage inflation, all of which suggests that the market has not yet completely bottomed out and we may not see a return to bullish sentiment unless the Fed can take a breather."

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