On Sunday night, the Celsius Network, one of the largest crypto lending platforms, abruptly announced

a “pause” on withdrawals and transfers, citing “extreme market conditions.

Celsius announced its halt as markets in Asia opened on Monday morning,

[{"selector":"#anim-a559efde-a868-403a-9afd-7a949c53cda7","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

In the hours that followed the pause, prices of other cryptocurrencies have also tumbled.

[{"selector":"#anim-0104a29f-f599-438f-ab80-2ca90e5c8849","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

CoinMarketCap’s showed the total market cap of crypto assets below $1 trillion as of 8:53AM

[{"selector":"#anim-809069b6-3cea-49e4-9311-c4f56855744e","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

The price of Bitcoin has fallen nearly 12 percent in the last 24 hours,

[{"selector":"#anim-7b3392e0-567d-4d4a-a9a2-de222651440a","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

After Celsius news came out, bitcoin dropping below $24000

[{"selector":"#anim-c2437f32-401e-4293-86f1-4b89a7db3c03","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

The last time the price of Bitcoin was that low was in December 2020,

[{"selector":"#anim-6824403b-d98a-4a6a-bd43-1f605fdaa196","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

The same goes for Ethereum, which is down about 14 percent in the last day.

[{"selector":"#anim-28af5395-02d9-489e-925a-3c49cdfe27e8","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

Ethereum dropped from $1,355 prior to the Celsius announcement to about $1,238

[{"selector":"#anim-03815bc8-17d4-4d5d-9ac2-c64718ba2475","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

Celsius' own coin CEL drop 56% to $0.18, down from the record price of $8 reached in June 2021.

[{"selector":"#anim-320376a8-fe0e-4fba-95f7-b2734fb69e81","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-497cabf4-2c85-479e-b2c2-00f22191b37d","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":100,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]