U.S. markets closed
  • S&P 500

    3,825.33
    +39.95 (+1.06%)
     
  • Dow 30

    31,097.26
    +321.86 (+1.05%)
     
  • Nasdaq

    11,127.84
    +99.14 (+0.90%)
     
  • Russell 2000

    1,727.76
    +19.77 (+1.16%)
     
  • Crude Oil

    108.46
    +0.03 (+0.03%)
     
  • Gold

    1,812.90
    +11.40 (+0.63%)
     
  • Silver

    19.77
    +0.18 (+0.91%)
     
  • EUR/USD

    1.0428
    -0.0056 (-0.53%)
     
  • 10-Yr Bond

    2.8890
    -0.0830 (-2.79%)
     
  • GBP/USD

    1.2101
    -0.0074 (-0.61%)
     
  • USD/JPY

    135.2310
    -0.4970 (-0.37%)
     
  • BTC-USD

    19,317.20
    +17.49 (+0.09%)
     
  • CMC Crypto 200

    420.84
    +0.70 (+0.17%)
     
  • FTSE 100

    7,168.65
    -0.63 (-0.01%)
     
  • Nikkei 225

    25,935.62
    -457.38 (-1.73%)
     

Celsius Plunges as Network Halts All Withdrawals

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

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.

Related Articles

Celsius Plunges as Network Halts All Withdrawals

NFT pics are the funhouse mirror high-end art deserves

Central authorities have demonized privacy — Crypto projects must fight back