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Cryptocurrency lending firm Celsius announced that it would pause all withdrawals, causing a ripple effect in the fragile crypto market. The Celsius crash follows the $60 billion meltdown of stablecoin TerraUSD last month. The events of May have raised legislators’ concerns over the need to regulate the crypto industry, particularly stablecoins.

On Monday, the price of Bitcoin (BTC) and other cryptocurrencies tumbled to new 2022 lows as investors dumped risk assets in response to persistently high inflation.

Worsening the sell-off, popular crypto lender Celsius paused all account withdrawals and transfers on Sunday night, citing “extreme market conditions.

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