iPhone | iPad
Android
Huawei
This visit marks the Pakistan cricket team's first trip to India since 2016
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
Liverpool come back from early goal to beat Leicester 3-1
The University of Manchester Middle East Centre in Dubai has designed a dynamic portfolio of part-time Master’s programmes for eligible working professionals in the Middle East
Middlesex University Dubai encourages you to not delay your studies and start your UK degree this September
As the automotive landscape continues to transform in the UAE, pre-owned vehicles are increasingly seen as a practical and cost-effective choice for residents
Pakistan's hopes of winning the World Cup in India will rely heavily on Shaheen turning those dreams into reality
The SBA at AUS is committed to providing a rigorous and forward-looking education, positioning students for success in any field
Empowering tomorrow's leaders with state-of-the-art programmes and a vision for the future of business and finance education, Umm Al Quwain University, highlights the guiding principles of the institution