Cryptocurrency company Celsius network will pause all transfers and withdrawals between accounts because of ‘extreme market conditions’,say the company due to high pressure in the crypto Industry.
Although, Bitcoin prolonged before diminishing after the Celsius announcement.
Bitcoin has decreased more than 6% to as low as US$24,888, an 18 month low.
The world’s second largest cryptocurrency ‘Ether’ also dropped more than 8% to US$1,311, considered as the lowest since March 2021, according to Reuters.
“We are taking this necessary action … in order to stabilise liquidity and operations while we take steps to preserve and protect assets”, the Celcius network informed in the blog post.
‘Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers’, the blog post continued.
Celsius network is a substantial player in the crypto market who raised US$750 million funding in late last year.
Additionally, this network provides Interest- bearing schemes to their customers who deposit their cryptocurrency in return.
However, the sector has come under regulatory examination, peculiarly in the US.
Crypto market has been under pressure since the last few months due to which interest rates have increased across the world.
Price falls have also caused and contributed to the collapse of various crypto projects, most notably is the stablecoin TerraUSD.
Last month, TerraUSD broke its dollar peg and crapped out in value, rocking the crypto industry, adds Reuters.
