Celsius Network Freezes Transfers
Bitcoins (BTC) price has fallen even further after Celsius Network, a major U.S cryptocurrency lending company, had frozen transfers, swaps and withdrawals after citing extreme conditions. This is the most recent indicator of how financial market volatility is causing havoc in the crypto market.
The Celsius move resulted in a sell-off across cryptocurrencies, with their value falling beneath $1 trillion for the very first time since the beginning of 2021.
Celsius provides customers who deposit cryptocurrency assets on its platform with interest-bearing products, after which it subsequently lends out cryptocurrencies in order to earn a return.
According to a blog post, the company has frozen withdrawals and transfers between accounts in order to stabilize liquidity as well as operations while the team works to reportedly protect and preserve the digital assets and crypto investors.
Nevertheless, the spike in interest regarding crypto lending has alarmed regulators, particularly in the United States, who are becoming increasingly concerned about investor protection along with all the systemic risks posed by unregulated lending products.
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