London June 13 2022: Cryptocurrency lending firm Celsius Network will pause withdrawals and transfers between accounts due to “extreme market conditions”, the company said on Monday, in the latest sign of pressure in the crypto industry.
Bitcoin extended earlier declines after Celsius’s announcement, falling more than 6% to as low as $24,888, an 18-month low. Ether , the world’s second-largest cryptocurrency, dropped more than 8% to $1,303, its lowest since March 2021.
Cryptocurrency lending firm Celsius Network will pause withdrawals and transfers between accounts due to “extreme market conditions”, the company said on Monday, in the latest sign of pressure in the crypto industry.
Bitcoin extended earlier declines after Celsius’s announcement, falling more than 6% to as low as $24,888, an 18-month low. Ether , the world’s second-largest cryptocurrency, dropped more than 8% to $1,303, its lowest since March 2021.
As of May 17, the company had processed $8.2 billion worth of loans and had $11.8 billion in assets, according to its website.
It said in August last year that it had more than $20 billion in assets.
While crypto lending has become increasingly big business, the sector has come under regulatory scrutiny, particularly in the U.S.
Crypto markets have been under pressure in recent months, falling alongside other so-called risk assets as interest rates have risen around the world.
Price falls have also both been caused by and contributed to the collapse of some crypto projects. Most notable was the fall of stablecoin TerraUSD, which last month broke its dollar peg and collapsed in value, rocking the crypto industry.
