Illustration by Alex Castro / The Verge

On Sunday night, the Celsius Network, one of the largest crypto lending platforms, abruptly announced a “pause” on withdrawals and transfers, citing “extreme market conditions.” Celsius announced its halt as markets in Asia opened on Monday morning, and the price of its CEL token — worth nearly $7 a year ago — lost a third of its remaining value, falling to just 21 cents.

In the hours that followed the pause, prices of other cryptocurrencies have also tumbled. CoinMarketCap’s global cryptocurrency tracker showed the total market cap of crypto assets (including stablecoins and tokens) below $1 trillion as of 8:53AM ET, falling from its peak of $3 trillion last November.

Image: Coinbase
The price of Bitcoin on…

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