iPhone | iPad
Android
Huawei
Binance founder, Changpeng Zhao’s session will be first among ‘Future Talks’ series, to be hosted at iconic museum
Cryptocurrency4 months ago
KT APPDOWNLOAD
Bitcoin plunges as major crypto lender halts operations
Bitcoin was trading at roughly $22,600 on Monday, down more than 17 per cent
Reuters file
Bitcoin and other cryptocurrencies were collapsing in price on Monday, after a major crypto lender halted all withdrawals citing “extreme market conditions”.
It is the second collapse of a part of the cryptocurrency world in the last two months. The stablecoin Terra imploded in early May, erasing tens of billions of dollars in a matter of hours.
Bitcoin was trading at roughly $22,600 as of midday Monday, down more than 17 per cent in the past day. Ethereum, another widely-followed cryptocurrency, was down more than 20 per cent.
On Sunday, the lending platform Celsius announced that it was pausing all withdrawals and transfers between accounts in order to “honour, over time, withdrawal obligations.” Celsius, with roughly 1.7 million customers, gave no indication in its announcement when it would allow users to access their funds.
ALSO READ:
“There is a lot of work ahead as we consider various options, this process will take time, and there may be delays,” it said.
Celsius is one of the bigger cryptocurrency lending platforms, with more than $11 billion in customer assets. In exchange for customers’ deposits, the company gives out extremely generous yields, upwards of 19 per cent on some accounts. These lending platforms have come under scrutiny recently because they offer yields that normal markets could not support, and critics have called them effectively Ponzi schemes.
Terra, and its token Luna, offered similar yields on customer deposits. Those tokens collapsed after huge customer withdrawals forced Terra’s operators to liquidate all of the assets being used to support their currencies. The collapse of Terra has spurred calls for reform from the cryptocurrency industry, and calls for Congressional regulation.
More news from Cryptocurrency
The Hollywood actor's Hello Sunshine production has partnered with NFT collective World of Women
Cryptocurrency4 months ago
Bitcoin, the largest cryptocurrency, is up by around 33 per cent since January 24 and recently traded at $43,850, rebounding from a tumble that cut its price in half from November’s record high
Cryptocurrency4 months ago
Crypto has become a big challenge for policymakers in some countries, noting that traditional capital management measures will have to be fine-tuned in the face of 'cryptoisation'
Cryptocurrency4 months ago
Traditional stock market investors, bankers, and economists have long sounded the alarm that the cryptocurrencies like Bitcoin are no more than sophisticated Ponzi schemes
Cryptocurrency5 months ago
Bitcoin plunged almost nine per cent on Monday to its lowest in six months as fears of a Russian attack on Ukraine saw riskier assets worldwide extend their sell-off
Cryptocurrency5 months ago
The salary will be converted to ethereum and bitcoin
Cryptocurrency5 months ago
Replica of iconic Pontifex carpet fetches over Dh300,000
Cryptocurrency5 months ago