The cryptocurrency markets have seen a bloodbath recently as cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen unprecedented drawdowns. While Bitcoin has more than halved in value by 53% this year and is currently hovering around the $22,000 mark, Ethereum has tanked by 67.6% and is currently near the $1,200 mark. This carnage in the cryptocurrency markets has deeply affected companies dealing in crypto. Earlier this week, crypto lender Celsius ordered a redemption freeze on all withdrawals, swaps, and transfers between accounts, citing extreme market conditions. Binance, the crypto trading platform, also temporarily stopped bitcoin withdrawals for several hours, citing a stuck transaction causing a backlog.
