A representations of cryptocurrencies on this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration
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June 13 (Reuters) – Cryptocurrency lending firm Celsius Network will pause withdrawals and transfers between accounts on account of “extreme market conditions”, the corporate stated on Monday, within the newest signal of stress within the crypto business.
Bitcoin prolonged earlier declines after Celsius’s announcement, falling greater than 6% to as low as $24,888, an 18-month low. Ether , the world’s second-largest cryptocurrency, dropped greater than 8% to $1,303, its lowest since March 2021.
“We are taking this necessary action … in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the corporate stated in a weblog publish.
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“Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.”
Celsius Network, which raised $750 million in funding late final 12 months, is a major participant in crypto lending. It presents interest-bearing merchandise to prospects who deposit their cryptocurrencies with the corporate, and lends out crypto currencies to earn a return.
As of May 17, the corporate had processed $8.2 billion price of loans and had $11.8 billion in property, in line with its web site.
It stated in August final 12 months that it had greater than $20 billion in property.
While crypto lending has develop into more and more massive enterprise, the sector has come underneath regulatory scrutiny, significantly within the U.S. learn extra
Crypto markets have been underneath stress in current months, falling alongside different so-called threat property as rates of interest have risen around the globe.
Price falls have additionally each been brought on by and contributed to the collapse of some crypto initiatives. Most notable was the autumn of stablecoin TerraUSD, which final month broke its greenback peg and collapsed in worth, rocking the crypto business. learn extra
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Reporting by Abinaya Vijayaraghavan in Bengaluru and Alun John in Hong Kong; Editing by Bradley Perrett
Our Standards: The Thomson Reuters Trust Principles.
Crypto firm Celsius pauses all transfers, withdrawals as markets tumble & More Latest News Update
Crypto firm Celsius pauses all transfers, withdrawals as markets tumble & More Live News
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Crypto firm Celsius pauses all transfers, withdrawals as markets tumble & More News Today
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