Bitcoin has fallen to levels last seen in the late 2020s.

Bitcoin has fallen to levels last seen in the late 2020s.

Following an unexpected spike in US inflation over the weekend, markets dropped down, with price falls continuing into the new trading week.

Bitcoin falls 13%, falling below $24,000, as the cryptocurrency market loses more than $200 billion over the weekend

BTC/USD plummeted to an intraday low of $23,655.95 earlier today, the lowest level in almost sixteen months.

Meanwhile, a Crypto loan firm named "Celsius" has halted withdrawals for its customers, raising concerns about market contagion.

According to CoinMarketCap data, the cryptocurrency market capitalization drop below $1 trillion for the first time since February 2021 on Monday.

With high inflation persisting and the US Federal Reserve expected to boost interest rates this week to control rising prices.

Macroeconomic factors are also contributing to bearishness in the cryptocurrency markets.