BTC

2022 - 6 - 12

Celsius

Bitcoin Crashes, Ether Slides As Major Crypto Lender Celsius ... (Forbes)

The crypto market sell-off deepens as prominent lender Celsius blocks customers from accessing their assets. Volatility in Lido's staked ether adds to ...

"1. As outlined by @SmallCapScience, an entity like Celsius has to sell stETH to ETH to cover customer withdrawals (at an increasingly worse price). 2. "1 stETH = 1 ETH after the Merge. Lido is fully backed, and you can verify it on-chain — this is not under discussion. The stETH token has historically traded in lockstep with ether's spot market price. The stETH holders can sell their tokens for ETH in the open market. Celsius' own coin called CEL plummeted 56% to $0.18, down from the record price of $8 reached in June 2021. Bitcoin, the biggest cryptocurrency by market value, fell to $24,700, losing 10% in 24 hours. However, with liquidity abound, investors ignored the alarm bells only to find themselves in troubled waters ever since the Fed turned its focus to inflation control and liquidity tightening late last year. Lido is the world's biggest liquid staking protocol, allowing users to stake their coins while retaining the liquidity that can be used across the DeFi space to earn extra yield. Leveraged yield farmers (e.g. the Instadapp Lite vault). The cascading liquidations would begin closer to 0.85." That, in turn, could exacerbate panic selling. The algorithmic dollar-pegged stablecoin lost its peg on May 8, eventually crashing to near zero and wiping out $40 billion in investor wealth. The crypto lending business boomed in recent years, as central banks resorted to unprecedented money printing in the wake of the coronavirus-induced crash of 2020.

Bitcoin plunges below $24000 and the crypto meltdown claims ... (CNN)

One of the world's biggest cryptocurrency lenders has paused all withdrawals as the market meltdown continues apace.

She said her department was due to release a report on the matter. The coin was valued at a little over $18 billion in early May before it crashed, according to data from CoinMarketCap. Tether, a popular stablecoin, broke its peg to the US dollar in May, puncturing the view that it could serve as a hedge against volatility.

Binance suspends Bitcoin withdrawals — CZ says funds are 'SAFU' (Cointelegraph)

Crypto's Black Monday continues to wreak havoc. Changpeng “CZ” Zhao, CEO of crypto exchange Binance, tweeted that there would be a temporary pause on Bitcoin ( ...

According to some commentators, the Lightning Network on Bitcoin would have avoided such an issue. It also refers to Binance’s trading protection fund, the Secure Asset Fund for Users (SAFU). The fund was built during the previous bear market, but in light of Celsius’ potential insolvency, investors may be right to raise the alarm. He quickly updated the tweet to state:

Binance Temporarily Pauses Bitcoin Withdrawals (Coindesk)

The world's largest crypto exchange by trading volume, Binance temporarily paused bitcoin (BTC) withdrawals early Monday morning “due to a stuck transaction ...

Bitcoin has extended its plunge to a fresh 18-month low: below $23,000. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Bitcoin has extended its plunge to a fresh 18-month low: below $23,000.

Crypto prices plunge with Bitcoin falling below $25k (The Verge)

Prices of cryptocurrency fell after Celsius announced a pause on withdrawals from its DeFi lending platform. Binance has temporarily paused Bitcoin ...

One other area to watch is Bitcoin mining, where CoinTelegraph reports, based on data from Bitdeer and others, that older mining rigs risk shutdown at current prices and mining difficulty. In the midst of these falling crypto prices, the major trading exchange Binance has also paused Bitcoin withdrawals. In the hours that followed the pause, prices of other cryptocurrencies have also tumbled.

'Stuck Transaction' Forces Binance to Pause BTC Withdrawals (Finance Magnates)

Binance on Monday paused Bitcoin withdrawals on its platform over “a stuck transaction causing a backlog".

Celsius in a announcement on Monday said it was pausing all withdrawals, swaps and transfers between accounts. This plunge is the lowest since December 2020. Celsius in a announcement on Monday said it was pausing all withdrawals, swaps and transfers between accounts. This plunge is the lowest since December 2020. “Multiple supported Proof-of-Stake cryptocurrencies are available immediately on Binance.US Staking, including Audius (AUDIO), Avalanche (AVAX), BNB, Cosmos (ATOM), Livepeer (LPT), Solana (SOL) and The Graph (GRT), with more supported tokens being added to the platform in the near future,” Binance said in a statement. The firm said the decision was taken due to extreme volatility in the cryptocurrency market. Bitcoin slumped 14% at the beginning of the week. “Multiple supported Proof-of-Stake cryptocurrencies are available immediately on Binance.US Staking, including Audius (AUDIO), Avalanche (AVAX), BNB, Cosmos (ATOM), Livepeer (LPT), Solana (SOL) and The Graph (GRT), with more supported tokens being added to the platform in the near future,” Binance said in a statement. However, the CEO noted that a halt on withdrawals only affects the Bitcoin network. The firm said the decision was taken due to extreme volatility in the cryptocurrency market. Bitcoin slumped 14% at the beginning of the week. However, the CEO noted that a halt on withdrawals only affects the Bitcoin network.

Bitcoin tumbles and moving closer to 200 week MA (ForexLive)

Bitcoin is sharply lower with investors at Celcius stopping withdrawals over the weekend and Binance CEO now saying there is a temporary pause of bitcoin ...

Sellers started to lean against the 100 hour moving average and the price started to mark lower. Last week the move to the downside start after narrow consolidation trading around the 100 and 200 hour moving averages. HMMMMM>. The price is trading at $24,042 down -12.61% on the day.

Binance pauses bitcoin withdrawals due to a 'stuck transition' as ... (CNBC)

Binance said Monday that it is temporarily pausing bitcoin withdrawals “due to a stuck transaction causing a backlog.” At first, Binance founder and CEO ...

Binance is the world's largest crypto exchange. But he later amended that to say, "Likely this is going to take a bit longer to fix than my initial estimate." "Funds are SAFU," he added.

Binance Halts Bitcoin Withdrawals Due to 'Stuck On-Chain ... (Decrypt)

The world's largest crypto exchange, Binance, paused withdrawals of the world's biggest cryptocurrency, Bitcoin, on Monday.

Binance advised users who encounter the issue to resubmit their orders once transactions start flowing again. Transactions in both coins were halted for three days before trading resumed. In the event, withdrawals were resumed at 11:30am EST, some three and a half hours after CZ's initial tweet.

Binance halted BTC withdrawals on network congestion (FinanceFeeds)

Binance, the world's largest crypto exchange by trading volumes, temporarily disabled bitcoin withdrawals for a time on Monday due to “a stuck transaction ...

But dropping through a key level at $28,000 means the next major support is at $20,000,” said Bradley Duke, Co-CEO at crypto ETP-provider ETC Group. “Funds are SAFU,” he noted, referring to the Secure Asset Fund for Users (SAFU), an emergency insurance fund established in 2018 to protect users’ funds. Certainly the failure of the Terraform Labs UST stablecoin and the subsequent collapse of the linked Terra LUNA coin sent shockwaves through the entire ecosystem. At present, many crypto platforms have experienced difficulties, resulting in clients getting kept out of the market during sensitive times. Bitcoin has remained relatively resilient to such shocks, despite markets leaning bearish for the last six months. At 11:32 a.m., Binance tweeted that withdrawals had resumed once again.

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