European crypto investment vehicles opened the week in the red on Monday after a tumultuous day of trading.
Cryptocurrency markets were rattled on Monday following a Sunday announcement from crypto lending platform Celsius, which revealed it was halting withdrawals. Celsius, which had about $12 billion in assets under management at the beginning of May, cited “extreme market conditions.”
This, in conjunction with a difficult macroeconomic climate at present — inflation in the US is at a 41-year high of 8.6% — pushed cryptocurrency prices down across the market. Bitcoin (BTC) and ether (ETH) are both testing multi-year lows on Monday.
European ETNs and ETPs suffered as a result of the volatility, with VanEck’s Solana ETN losing up to 28.36% while its Tron ETN lost almost 20% during Monday’s session.
21Shares Cardano and Polkadot ETPs held firmer, losing just 0.33% and 0.82% respectively on a tumultuous day for markets in Europe, which saw the Europe Stoxx 600 close down 2.26%.
Here’s how some of the major European crypto investment vehicles performed on Monday, June 13: