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Overall, the total crypto market cap has lost more than two-thirds of its value since peaking in November, according to Coinmarketcap, falling from $3 trillion at its apex to $985.6 billion as of noon Monday New York time.

After briefly dipping below $22,641 per unit midday Monday, the bitcoin (BTC) price reached $23,861 by noon, a loss of 15% in the last 24 hours and level not seen since mid-December 2020, according to Coinmarketcap. Meanwhile, ether (ETH) dropped 17.43% to $1,259.36 for the same period.

The pressure in the crypto market, which began over the weekend, forced Celsius, a crypto lender, to halt withdrawals, swaps, and transfers on Sunday evening, in a move one industry insider called "risking insolvency."