Bitcoin Crashes In Crypto Meltdown

Bitcoin slumped as low as $20,835 overnight after panic tore through the cryptocurrency market yesterday.

One of the sector’s biggest firms crypto lender Celsius Network teetered on the brink of collapse and on a day of more carnage for the industry, bitcoin crashed 20  to its lowest level for 18 months.

This morning at 8.30am, London time, bitcoin was trading at $22,673. The digital currency, the largest in the world, has lost two-thirds of its value since peaking at $68,000 in November last year.

Ethereum, the world’s second most valuable digital currency, fell another 30 per cent and is down 75 per cent since its peak.

The sell-off – fuelled by the threat of rising interest rates as central banks battle to tame runaway inflation – came as crypto lender Celsius Network stopped customers making withdrawals due to ‘extreme market conditions’.

The company’s own digital currency, known by its CEL ticker, plunged 55 per cent in the wake of the suspension as investors feared it could be on the brink of insolvency.

As the chaos spread, crypto exchange Binance then blocked users from accessing their bitcoin holdings.

The meltdown has left millions nursing heavy losses.

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Ukraine War: Russia Earns $97bn On Energy Exports Since Invasion

Russia earned nearly $100bn (£82.3bn) from oil and gas exports during the first 100 days of the war in Ukraine, according to a report.

Revenues have been falling since March, as many countries shunned Russian supplies, but remain high, the independent Centre For Research on Energy and Clean Air (CREA) found.

It also warned of potential loopholes in efforts to curb imports from Russia.

The EU, US and UK are among those to have pledged to cut Russian imports.

But the CREA report found Russia still earned $97bn in revenue from fossil fuel exports in the first 100 days of the Ukraine conflict, from 24 February to 3 June.

The European Union made up 61% of these imports, worth approximately $59bn.

Overall, exports of Russian oil and gas are falling and Moscow’s revenue from energy sales has also declined from a peak of well over $1bn a day in March.

But revenues still exceeded the cost of the Ukraine war during the first 100 days – with the CREA estimating that Russia is spending around $876m per day on the invasion.

The EU plans to ban Russian oil imports arriving by sea by the end of 2022, which would cut imports by two-thirds.

In March, the bloc also committed to reducing gas imports from Russia by two-thirds within a year.

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