Bitcoin extended earlier declines after Celsius’s announcement, falling more than 6% to as low as $24,888, an 18-month low. Ether, the world’s second-largest cryptocurrency, dropped more than 8% to $1,303, its lowest since March 2021.
“Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.” As of May 17, the company had processed $8.2 billion worth of loans and had $11.8 billion in assets, according to its website.While crypto lending has become increasingly big business, the sector has come under regulatory scrutiny, particularly in the U.S.
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Crypto contagion fears spread after Celsius Network freezes withdrawals - BusinessWorld OnlineWASHINGTON – Bitcoin fell as much as 14% on Monday after major US cryptocurrency lending company Celsius Network froze withdrawals and transfers citing “extreme” market conditions, in the latest sign of the financial market downturn hitting the cryptosphere. The Celsius move triggered a slide across cryptocurrencies, with their value dropping below $1 trillion on Monday for the first time since January 2021, sparking worries the rout might spill over […]
Source: bworldph - 🏆 9. / 68 Read more »
Crypto contagion fears spread after Celsius Network freezes withdrawals - BusinessWorld OnlineWASHINGTON – Bitcoin fell as much as 14% on Monday after major US cryptocurrency lending company Celsius Network froze withdrawals and transfers citing “extreme” market conditions, in the latest sign of the financial market downturn hitting the cryptosphere. The Celsius move triggered a slide across cryptocurrencies, with their value dropping below $1 trillion on Monday for the first time since January 2021, sparking worries the rout might spill over […]
Source: bworldph - 🏆 9. / 68 Read more »
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