Celsius

The sell off was a result of Celsius' suspension of withdrawals and Friday's high US inflation data driving expectations of sharper interest rate rises from the Federal Reserve, said Singapore based fund manager. The world's largest cryptocurrency Bitcoin is down over 50 percent year to date and 28 percent since…

Another big name in crypto finance is taking drastic steps in the wake of plunging currency values. As The Verge notes, lending heavyweight Celsius Network has 'paused' all withdrawals, inter-account transfers and Swaps in response to "extreme market conditions." The move is meant to stabilize the liquidity of assets and provide a better opportunity to meet withdrawal obligations, according the company. The firm didn't say when it would lift the freeze, or what would happen next. It promise to restore usual operations "as…

Celsius founder and CEO Alex Mashinsky as he appeared in a promotional video for Celsius uploaded to YouTube.Screenshot: Celsius / YouTubeThe Celsius crypto network has halted all trading, including withdrawals, according to a press release from the company released overnight. The unusual move comes as major cryptocurrencies plummeted over the weekend and there are serious questions about whether Celsius will ever allow users to withdraw their money thanks to some rather slipperylanguage in its terms of service.“Due to…

Celsius CEO Alex Mashinsky.Piaras Ó Mídheach | Sportsfile for Web Summit | Getty ImagesCelsius, a controversial cryptocurrency lending platform, said Monday it was pausing all withdrawals, causing more pain in the fragile crypto market.Celsius is one of the largest players in the nascent crypto lending space, with more than $8 billion lent out to clients and almost $12 billion in assets under management as of May. The group offers users higher-than-average interest rates on their deposits."Due to extreme market…

Bitcoin and other cryptocurrencies fell sharply as investors dump risk assets. A crypto lending company called Celsius is pausing withdrawals for its customers, sparking fears of contagion into the broader market.Nurphoto | Nurphoto | Getty ImagesBitcoin tumbled below $25,000 late on Sunday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets.Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion…

Cryptocurrency lending firm Celsius Network will pause withdrawals and transfers between accounts due to "extreme market conditions", the company said in the latest sign of pressure in the crypto industry.Bitcoin extended earlier declines after Celsius's announcement, falling more than 6 percent to as low as $24,888, an 18-month low. Ether, the world's second-largest cryptocurrency, dropped more than 8 percent to $1,311, its lowest since March 2021."We are taking this necessary action ... in order to stabilize liquidity…

A Celsius Network booth at a conference in Paris earlier this year. Photo: Benjamin Girette/Bloomberg News…

The Celsius Network, a decentralized finance (DeFi) platform and one of the largest crypto lenders, announced Sunday night that it was “pausing all withdrawals, Swap, and transfers between accounts.” It has 1.7 million customers. The company’s token, CEL, is trading at 23 cents as of this writing, according to CoinMarketCap. That’s a 92 percent decrease from April 8th, when CEL was worth $3. The token was worth nearly $7 a year ago. There have been questions about Celsius Networks’ high yields, its connections to…

Cryptocurrency lender Celsius Network, recently valued at about $3 billion, told customers Sunday evening that it is pausing “withdrawals, swap, and transfers between accounts” in a move that is sparking discussions and has prompted the price of the firm’s token to take a 60% tumble in the past one hour to 19 cents. “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” wrote Celsius, which counts stablecoin-issuer Tether…

Celsius: DeFi lending platform Celsius pauses “all withdrawals, Swap, and transfers between accounts”, citing extreme market conditions — We are writing with a very important message for our community. — Due to extreme market conditions, today we are announcing that Celsius is pausing … Celsius: DeFi lending platform Celsius pauses “all withdrawals, Swap, and transfers between accounts”, citing extreme market conditions — We are…