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Bitcoin Turns Lower Again as Celsius Weighs on Sentiment

  • Reprieve seen as temporary with investors remaining jittery
  • Crypto under stress amid fears of withering global liquidity
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WATCH: Bitcoin dropped 10% Tuesday before paring much of the slide, while other coins such as Ether and Avalanche also trimmed losses.Source: Bloomberg
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Bitcoin delivered another white-knuckle ride Tuesday, briefly turning positive before resuming its slide as speculators struggled to price in the prospect of even bigger Federal Reserve interest-rate hikes to quell inflation and the consequences of the halt of withdrawals by the lending platform Celsius.

The largest digital token was down about 5% to $22,053 as of 7:24 a.m. in New York. It had dropped as low as $20,823, the least since December 2020. Ether was down as similar amount, while altcoins like Solana, Avalanche and Polkadot were mixed.