The price of Celsius fell by 50% amid the suspension of withdrawals

by in Cryptocurrency News


Crypto lending platform Celsius has suspended withdrawals, exchanges, and transfers between accounts “due to extreme market conditions.” The project token reacted with a fall.

“We understand this is unfortunate news, but we believe that our decision to suspend withdrawals, exchanges, and transfers between accounts is the most responsible action we can take to protect our community,” the Celsius team wrote.

This happened against the backdrop of a fall in the price of bitcoin to levels near $25,000. Ethereum quotes fell to $1,300.

According to journalist Colin Wu, Celsius has moved about 104,000 ETH to the FTX exchange over the past three days. The platform also sent 9,500 WBTC to the site.

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Celsius competitor Nexo announced that it is ready to acquire all of its loan assets.

“The Nexo team never rejoiced at the failure of any blockchain business, but we warned that using a sustainable business model based on prudent risk management is what distinguishes Nexo and allows us to maintain financial stability in any market conditions,” emphasized in the project.

In April, Celsius suspended interest payments on its Earn product to new US users.