Bitcoin Falls Below $23K, Celsius Network Pauses Withdrawals
The price of bitcoin fell in response to Celsius Network pausing all transactions off-platform in response to a liquidity crisis and other market disruptions.Bitcoin is down 67% from its all time high of $69,000. Intensifying market fears amid heightened levels of inflation paired failing institutions are driving price action. Celsius Network paused all withdrawals, swaps and transfers from its cryptocurrency exchange.Bitcoin fell below $23,000 today in a new 52-week low during early trading hours representing a 67% downturn from the all-time high of $69,000 causing panic across the....
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It has been a heated start of the week for the crypto community. Crypto exchange Binance temporarily suspended withdrawals on the Bitcoin network. This happened the same day as Celsius halted all withdrawals, raising liquidity concerns. Naturally, many users started to worry about Binance as well. Disclaimer: The following op-ed represents the views of the […]
Celsius Network announced that there is an increase in fake accounts on social media and warned users to be more vigilant. A week after it started its withdrawal freeze, crypto lending platform Celsius Network warned the community of a rise in fake social media accounts claiming to be affiliated with the company. In a blog post, the lending firm urged the community to be more vigilant as there's an increase in accounts that are "falsely purporting to be associated with Celsius." In the same post, the firm announced that it will pause some of its communication channels namely its Twitter....
On Monday, June 13, 2022, the crypto economy dropped below the $1 trillion region, as a great majority of crypto assets have lost between 10% to 25% during the last 24 hours. Meanwhile, the crypto community has been discussing the cryptocurrency lending application Celsius as rumors of insolvency have been swirling. On June 12, around 10:10 p.m. (ET) Celsius announced that it paused “all withdrawals, swaps, and transfers between accounts.” Celsius Pauses Lending Application’s Operations, Crypto Community Talks About a Possible Insolvency and Liquidations On Sunday....
A deep look into Celsius network's design and the events of recent weeks with its yield-generating strategies that culminated in a halt of bitcoin withdrawals.
The Celsius Network proceedings are still garnering a lot of interest given that almost 2 million investors currently have their funds stuck on the network. Last week, the company published a massive document that had the names and the amount owed to creditors after it suspended withdrawals. Celsius explained that it had done so at […]