Bitcoin Falls to 18-Month Low as US Inflation Spikes to Record High

This illustration photograph, which is taken in Istanbul, Turkey on July 19, 2021, shows a physical banknote and coin imitations of the Bitcoin crypto currency. Ozan Kose/AFP via Getty Images

Cryptocurrency Bitcoin tumbled below the $24,000 level on Monday trading, following dismal U.S. inflation data. Meanwhile, crypto lender Celsius Network froze transfers and withdrawals.

Bitcoin was trading at $23,971 as of June 13, 8:51 a.m. EDT, down over 9.8 percent from its opening at around $26,600—its lowest level in around 18 months. The digital currency is down 19.22 percent in the past month and 50.53 percent year-to-date.