Bitcoin eases from 18-month low as crypto market stabilizes

Bitcoin recovered on Wednesday after diving to an 18-month low

Bitcoin recovered on Wednesday after diving to an 18-month low, buoyed by the U.S. Federal Reserve's tough stance on inflation even in the midst of a market meltdown this week after crypto lender Celsius froze customer withdrawals, Qazet.az reports.

The world's largest cryptocurrency fell as much as 7.8% to $20,079.72 , its lowest since December 2020. It has lost about 33% against the U.S. dollar since Friday, dropping more than 50% since the beginning of the year. It has slumped about 70% from its record high of $69,000 in November.

Bitcoin was last down 1.31% at $21,669.37.