Celsius Network (-54%) Pauses Withdrawals, Causing Crypto To Fall Further

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Last Updated on 13 June 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Crypto markets already suffered because of widespread inflation worries which also hit worldwide stock markets, but the news of Crypto lender Celsius Network Ltd pausing withdrawals, swaps and transfers on its platform, caused an even bigger run for the exit.

Celsius stated on Twitter that they are:

Pausing all withdrawals, Swap, and transfers between accounts. Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community.

According to Bloomberg this morning, Nexo, a London-based competitor, has stated it’s intention to purchase the “remaining qualifying assets” of Celsius.

At the time of writing, Celsius coin dropped 54%.

Tether, the biggest stablecoin of the crypto network, stated that:

The investment and loans with Celsius have no impact on its reserves or stability

FellowNeko / Depositphotos.com