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    Home»News»Markets»Crypto market tumbles further as Celsius pauses withdrawals
    Markets

    Crypto market tumbles further as Celsius pauses withdrawals

    One more step towards capitulation?
    Oussama KarkoutiBy Oussama KarkoutiJune 13, 2022Updated:August 1, 2022No Comments1 Min Read
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    Celsius, the popular crypto lending platform, issued a statement on Monday, June 13th, stating that in light of the extreme market condition and “to protect the interest of the community,” they will be pausing all withdrawals, swaps, and account transfers. On the news of this happening, Bitcoin took a fall to around $24,000, a 13% drop in the past 24 hours, bringing the total crypto market cap below $1T from the all-time-high of $3T.

    Re Celsius: I didn't guarantee a blow-up like I did with Luna/UST, though I thought it was very possible.

    I said it's a shady company with a proven scammer CEO, and they mislead people into becoming unsecured lenders to what is essentially a risky unprofessional hedge fund.

    — Cory Klippsten (@coryklippsten) June 13, 2022

    After the collapse of Luna and its stable coin UST in May, various users have pointed out that Celsius is acting as an unregistered security, manipulating the token price and using its users as collateral, which prompted many users to withdraw their holdings from Celsius effectively creating a bank run. 

    The rumors about Celsius’ ability to support withdrawals a month from now are swirling around crypto OTC desks

    The silence here is deafening pic.twitter.com/lxycbDFh83

    — Frank Chaparro (@fintechfrank) June 12, 2022
    Celsius Crash Cryptocurrency Manipulation Top
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    Oussama Karkouti
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    Contributor, Researcher, and Analyst. Interests include tech, blockchain, fundamental analysis and regulations.

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