Hard Falling Crypto Market is Trying to Recover

The leading assets of the crypto market, which frightened their investors with the sharp declines they experienced over the weekend, are struggling to hold on to critical levels.

The cryptocurrency market, which hit bottom with big sales at the weekend, is trying to heal its wounds. Bitcoin, the cryptocurrency leader, which saw the lowest level of the past one and a half years, has again risen above the 20 thousand level. This situation revealed that Bitcoin was trying to hold on to the critical level. Ethereum, the virtual currency with the largest market value after Bitcoin, also continues its course above a thousand dollars. Russia's occupation of Ukraine and the 75 basis point interest rate hike by the US Federal Reserve led to dizzying movements in the cryptocurrency markets. The largest cryptocurrency, Bitcoin, tumbled close to 15 percent on Saturday, then surged 16 percent on Sunday, making its investors laugh a bit. At the beginning of this year, against the inflation that went out of control, especially in the USA, central banks recorded sharp interest rate increases. Bitcoin's losses this year have reached 57 percent as the global tightening trend triggered an escape from risky assets. Cryptocurrency platforms are resorting to extraordinary measures as drastic moves lead to calls for collateral. Central crypto platforms such as Celcius and Babel have decided to freeze accounts. Decentralized financial platforms are also taking measures to strengthen collateral against the threat of bankruptcy. A major user's account on Solana blockchain platform Solend has been temporarily seized due to the risk of liquidation.