<p>Bitcoin fell on Wednesday to a new 18-month low, dragging down smaller tokens with it, as the recent tumble in crypto markets showed no sign of letting up.</p>.<p>The world's largest cryptocurrency fell as much as 6.3 per cent to $20,715.69, its lowest since December 2020.</p>.<p>Bitcoin has lost around 28 per cent since Friday and more than half of its value this year. Since its record high of $69,000 in November, it has slumped around 70 per cent.</p>.<p>The token has tumbled after US crypto lender Celsius this week froze withdrawals and transfers between accounts, stoking fears of wider fall-out in digital asset market.</p>.<p>Expectations of sharper US Federal Reserve interest rate hikes to combat soaring inflation in the world's biggest economy have also heaped pressure on risky assets from cryptocurrencies to stocks.</p>.<p>Smaller cryptocurrencies, which tend to move in tandem with bitcoin, also fell. Ether, the second-largest token, fell as much as 9.4 per cent to $1,090.</p>
<p>Bitcoin fell on Wednesday to a new 18-month low, dragging down smaller tokens with it, as the recent tumble in crypto markets showed no sign of letting up.</p>.<p>The world's largest cryptocurrency fell as much as 6.3 per cent to $20,715.69, its lowest since December 2020.</p>.<p>Bitcoin has lost around 28 per cent since Friday and more than half of its value this year. Since its record high of $69,000 in November, it has slumped around 70 per cent.</p>.<p>The token has tumbled after US crypto lender Celsius this week froze withdrawals and transfers between accounts, stoking fears of wider fall-out in digital asset market.</p>.<p>Expectations of sharper US Federal Reserve interest rate hikes to combat soaring inflation in the world's biggest economy have also heaped pressure on risky assets from cryptocurrencies to stocks.</p>.<p>Smaller cryptocurrencies, which tend to move in tandem with bitcoin, also fell. Ether, the second-largest token, fell as much as 9.4 per cent to $1,090.</p>