The Celsius move triggered a slide across cryptocurrencies, with their value dropping below US$1 trillion on Monday for the first time since January last year, dragged down by 11 per cent fall in the largest token bitcoin.
“It’s still an uncomfortable moment, and there’s some contagion risk around crypto more broadly,” said Joseph Edwards, head of financial strategy at fund management firm Solrise Finance.Article content “We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations,” the New Jersey-based company said.
“Blockchain technology has the potential to disrupt several sectors of the traditional economy,” Synnett said in an October 2021 press release, adding that the firm intended to capture the right opportunities in the sector. Celsius CEO Alex Mashinsky and Celsius did not immediately respond to Reuters requests for comment outside U.S. business hours.
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