Babel Finance suspends withdrawals as crypto markets slump

Babel Finance suspends withdrawals as crypto markets slum

Hong Kong-based Babel Finance temporarily suspended the withdrawals and redemption of crypto assets on Friday, as the crypto lender scrambles to pay its clients after the recent slump in the digital currency market, Qazet.az reports.

Cryptocurrency valuations have plunged in recent weeks as investors dump risky assets in a rising rate environment, with bitcoin , which reached a record high of $69,000 in November, having lost more than half its value this year.