The price of Bitcoin was around $45,000 on December 23, 2023. The price of Ethereum was around $3,400.
The market capitalization of cryptocurrencies was $2.5 trillion on December 23, 2023.
The U.S. Federal Reserve announced that it would raise interest rates by 0.75 percentage points, the largest increase since 1994. The Fed's decision is expected to lead to higher borrowing costs, which could weigh on economic growth and cryptocurrency prices.
The International Monetary Fund (IMF) warned that cryptocurrencies could pose a systemic risk to the global financial system. The IMF said that cryptocurrencies are "highly volatile" and "not backed by any assets."
Based on the crypto news that appeared on December 23, 2023, it seems that the crypto market is continuing to cool off. The price of Bitcoin fell by about 2% on the day, and the market capitalization of cryptocurrencies fell by about 4%.
The Fed's decision to raise interest rates is a major negative development for the crypto market. Higher borrowing costs could make it more expensive for investors to buy cryptocurrency, which could lead to further sell-offs. The IMF's warning about the systemic risk posed by cryptocurrencies is also a cause for concern. If regulators decide to take action to mitigate this risk, it could have a significant impact on the crypto market.
The cryptocurrency exchange Binance announced that it would suspend withdrawals in several European countries, including Germany, Italy, and France. Binance said that the suspension was due to "regulatory compliance reasons."
The cryptocurrency lending platform Celsius Network announced that it would halt withdrawals, swaps, and transfers between accounts. Celsius said that the move was necessary to "stabilize liquidity and operations."
The suspensions of withdrawals by Binance and Celsius Network are further signs of the growing regulatory scrutiny of the cryptocurrency industry. These moves could lead to more uncertainty and volatility in the crypto market in the coming months.