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Celsius Plunges as Network Halts All Withdrawals

Cryptocurrency Jun 12, 2022 11:39PM ET
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© Reuters.

By Daniel Shvartsman

Investing.com -- Celsius plunged in late Sunday (ET) trading in a move that both reflected and amplified the tremors running through the crypto-currency ecosystem.

Citing "extreme market conditions", Celsius paused all withdrawals from its network. The main CEL/USD coin dropped as much as 45% on Sunday, continuing a long-tailed slump since the start of the year. It trades at $.195 as of 11:30pm ET (3:30 GMT), vs. $4.45 at the start of the year.

That impact is being felt across crypto, with Bitcoin trading down to $25,154, down nearly 9%, and Ethereum is down 7.5% to $1342.

The crypto-currency sector has faced headwinds from the recent Terra Luna blow-up as well as a general risk-off climate amidst rising inflation and central bank hawkishness. Similar to Terra Luna, the Celsius coin was part of a network that entailed several classic finance functions, such as loaning out crypto assets and earning interest on crypto assets.

Celsius boasts having over one million users and being a larger holder of Bitcoin than MicroStrategy (NASDAQ:MSTR) and Coinbase (NASDAQ:COIN) and last raised money at a $3.5B valuation last fall.

Celsius Plunges as Network Halts All Withdrawals
 

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Comments (4)
ZS Beck
ZS Beck Jun 13, 2022 9:12PM ET
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Anybody who trades with garbage deserves garbage.If the biggest companies in the world going nose down. What do you think can happen with worthless crypto?
San Marina
San Marina Jun 13, 2022 6:50AM ET
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This whole crypto scheme is collapsing. This might be only the begining.
jason xx
jason xx Jun 13, 2022 6:14AM ET
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Was this a stable coin?
Tyrone Jackson
Tyrone Jackson Jun 13, 2022 3:40AM ET
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Basically your money is gone.
 
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