Bitcoin

2022 - 6 - 13

Celsius

Post cover — Image courtesy of "Financial Times"

Celsius halts withdrawals as pressure mounts on crypto lending ... (Financial Times)

Group's own coin sheds half its value in 24 hours as funds freeze deals heavy blow to cryptocurrency market.

Crypto lender Celsius halts withdrawals due to 'extreme market ... (The Guardian)

Transfers also 'paused' between Celsius accounts as value of digital asset market slips below $1tn.

Celsius also offers customers higher returns if they accept their interest payments in the project’s own crypto token, CEL, which was trading at $7 last year and has fallen to less than $0.20. “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swap, and transfers between accounts,” the platform said. That can be useful if, for instance, a bitcoin millionaire needs some hard cash to buy a house but does not want to liquidate their bitcoin holdings because they are gambling the coin will go up again. Celsius’s website tells customers they can “borrow like a billionaire”. It has $11.8bn in assets, down from more than $24bn in December last year. Celsius said in a blogpost it was “pausing” all withdrawals and transfers between accounts for its 1.7 million customers. Meanwhile Binance, the cryptocurrency exchange, announced on Monday that it had “temporarily paused” bitcoin withdrawals owing to a “stuck on-chain transaction”.

Binance pauses bitcoin withdrawals due to a 'stuck transition' as ... (CNBC)

Binance said Monday that it is temporarily pausing bitcoin withdrawals “due to a stuck transaction causing a backlog.” At first, Binance founder and CEO ...

Binance is the world's largest crypto exchange. But he later amended that to say, "Likely this is going to take a bit longer to fix than my initial estimate." "Funds are SAFU," he added.

Crypto prices plunge with Bitcoin falling below $25k (The Verge)

Prices of cryptocurrency fell after Celsius announced a pause on withdrawals from its DeFi lending platform. Binance has temporarily paused Bitcoin ...

One other area to watch is Bitcoin mining, where CoinTelegraph reports, based on data from Bitdeer and others, that older mining rigs risk shutdown at current prices and mining difficulty. In the midst of these falling crypto prices, the major trading exchange Binance has also paused Bitcoin withdrawals. In the hours that followed the pause, prices of other cryptocurrencies have also tumbled.

Bitcoin plunges below $34000 and the crypto meltdown claims ... (9News)

The UK-registered company has about US$3.7 billion ($5.3 billion) in assets, according to its website. It pays interest on cryptocurrency deposits, and loans ...

It pays interest on cryptocurrency deposits, and loans them out to make a return. Tether, a popular stablecoin, broke its peg to the US dollar in May, puncturing the view that it could serve as a hedge against volatility. The UK-registered company has about US$3.7 billion ($5.3 billion) in assets, according to its website.

Bitcoin plunges as major crypto lender halts operations (ABC News)

Bitcoin and other cryptocurrencies were collapsing in price Monday, after the major crypto lender Celsius halted all withdrawals citing “extreme market ...

Those tokens collapsed after huge customer withdrawals forced Terra's operators to liquidate all of the assets being used to support their currencies. The stablecoin Terra imploded in early May, erasing tens of billions of dollars in a matter of hours. In exchange for customers’ deposits, the company gives out extremely generous yields, upwards of 19% on some accounts.