Major crypto lending platform Celsius on Monday announced that it was suspending all withdrawals due to “extreme market conditions,” triggering a major selloff in the cryptocurrency market with Bitcoin dropping dropping more than 9%.
Following the announcement, the value of Celsius’ own token slumped by more than 50%, and as of early Monday morning, it was trading below 20 cents—massively down from around $2 in early May and $7 in June last year.
Celsius’ announcement also triggered a selloff in the wider cryptocurrency market with Bitcoin briefly below $25,000, its lowest level since December 2020.The suspension of withdrawals comes just a day after Celsius founder and CEO Alex Mashinsky hit out at critics on Twitter, accusing them of spreading misinformation and FUD—a popular crypto acronym for “Fear, Uncertainty, Doubt.
: “Mike do you know even one person who has a problem withdrawing from Celsius?… If you are paid for this then let everyone know you are picking sides.”Questions have been raised about crypto platforms like Celsius that promise massive yields to their customers after last month’s high-profile collapse of another high-yielding stable coin, Terra, and its companion token, Luna, last month.
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