Bitcoin and other cryptocurrencies were collapsing in price Monday, after the major crypto lender Celsius halted all withdrawals citing “extreme market conditions.' FOX13
It's the latest high profile collapse of a pillar of the cryptocurrency industry. These meltdowns have erased tens of billions of dollars of investors' assets and spurred urgent calls to regulate the freewheeling industry.
Celsius is one of the bigger cryptocurrency lending platforms, with more than $11 billion in customer assets. In exchange for customers’ deposits, the company pays out extremely generous yields, upwards of 19% on some accounts. Celsius takes those funds and lends them out to generate a return.Bitcoin is a decentralized digital currency created in 2009 by a person or persons operating under the name "Satoshi Nakamoto.
Just like Terra, Celsius had sold itself as a safe place for cryptocurrency holders to deposit their funds. Even while Celsius was failing, the company's website advertised that users can "access your coins whenever, keep them safe forever." FILE - Wrapped Bitcoin logo displayed on a phone screen and representation of Bitcoin are seen in this illustration photo taken in Krakow, Poland on June 10, 2022.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Major Crypto Lender Celsius Suspends Withdrawals, Bitcoin Drops Below $25,000Major crypto lending platform Celsius on Monday announced that it was suspending all withdrawals due to “extreme market conditions,” triggering a major selloff in the cryptocurrency market with Bitcoin dropping dropping more than 9%.
Read more »
Celsius Crypto Platform Halts Withdrawals as Bitcoin Tanks 13%Bitcoin has plunged below $24,000, its lowest level since December 2020.
Read more »
Crypto lending giant Celsius 'pauses' withdrawals after token value plunges | EngadgetCrypto lender Celsius has halted all withdrawals after its token value tumbled to a fraction of its earlier value..
Read more »
Big Crypto Lender Celsius Freezes All Account WithdrawalsOne of the largest crypto lenders, Celsius Network, told users it is pausing all withdrawals, swaps, and transfers between accounts due to “extreme market conditions.”
Read more »
Crypto firm Celsius pauses all transfers and withdrawals between accountsCrypto lender Celsius Network Ltd said on Sunday it was pausing all swaps, transfers and withdrawals between accounts, due to extreme market conditions.
Read more »
Cryptocurrency prices plunge as global market cap falls below $1 trillionCryptocurrency prices sank on Monday as Celsius halted withdrawals on its lending platform.
Read more »