NEW YORK - Bitcoin and other cryptocurrencies were collapsing in price Monday, after a major cryptocurrency lender effectively failed and halted all withdrawals from its platform, citing "extreme market conditions."It's the latest high profile collapse of a pillar of the cryptocurrency industry.
These meltdowns have erased tens of billions of dollars of investors' assets and spurred urgent calls to regulate the freewheeling industry.Bitcoin was trading at roughly $23,400 Monday afternoon, down more than 16% in the past day.
Ethereum, another widely-followed cryptocurrency, was down more than 20%.On Sunday, the cryptocurrency lending platform Celsius Network announced that it was pausing all withdrawals and transfers between accounts in order to "honor, over time, withdrawal obligations." Celsius, with roughly 1.7 million customers and more than $10 billion in assets, gave no indication in its announcement when it would allow users to access their funds.Celsius is one of the bigger cryptocurrency lending platforms, with more than $11 billion in customer assets.