Crypto: bitcoin fall steadies; Coinbase cuts jobs

STORY: Bitcoin steadied on Tuesday (June 14) after plunging to an 18-month low the day before.

The token fell as much as 7.3% to just over $20,800 early Tuesday, but was back up over $22,000 later in the day.

The world’s largest cryptocurrency tumbled 15% on Monday.

That took the overall value of the crypto market below $1 trillion for the first time since January last year.

Bitcoin’s fall came after major crypto lender Celsius Network froze withdrawals Monday.

Celsius said it made the move due to what it called ‘extreme’ market conditions.

Investors were also wary of sharper interest rate hikes from the U.S. Federal Reserve to counter rising inflation.

Now the bitcoin price tumble could see wider consequences for the sector.

Coinbase, the largest crypto exchange in the U.S., announced Tuesday it would lay off 18% of its workforce.

That's roughly 1,100 jobs.

Coinbase CEO Brian Armstrong warned a recession could be imminent, and with it a so-called 'crypto winter' which may last a long time.

Coinbase stock is down around 80% this year.

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