The cryptocurrency market has been tanking since the Luna-Terra stablecoin episode. The global market cap has shrunk below $1 trillion to $977 billion, a 12 per cent fall since Monday. The largest cryptocurrency, Bitcoin, plunged more than 10 per cent since Monday, falling to an 18-month low of $22,345. It is down by around 60 per cent so far this year. Meanwhile, the second-largest crypto Ethereum fell over 20 per cent to $1,184.
The major sell-off is being witnessed as investors lose interest in the crypto-sphere. Amid the crash, exchanges have halted crypto transactions. Here we list all the exchanges that have halted crypto transactions.
Celsius Network, a Decentralised Finance announced on Sunday that it is freezing all the crypto transactions citing “extreme market conditions.” Following the shutdown, an enormous sell-off was witnessed, where all the cryptos plunged. “We are taking this necessary action … in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the company had said in a blog post. “Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.”
It should be noted that Celsius Network is significantly playing in the DeFi space. It is a crypto lending platform where users can lend their cryptos. In exchange, the company rewards them an interest in depositing their coins. The DeFi platform raised $750 million in funding late last year.
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According to a report by Reuters, 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.
Cryptocurrency exchange Binance on Monday said that it was freezing Bitcoin withdrawals “due to a stuck transaction causing a backlog.”
Changpeng Zhao, Binance CEO tweeted that the fix would only take 30 minutes but later said that the problem was “going to take a bit longer to fix than his initial estimate.”
“Our team worked diligently to implement a solution and we have now resumed withdrawals on the Bitcoin network,” Binance said in a statement. “There may still be a few transactions that appear to be ‘pending,’ however we are working to address those few remaining issues so that users can resubmit their withdrawal request.”