Cryptocurrency lending firm Celsius announced on Sunday evening that it would be pausing withdrawals, swaps, and transfers between accounts on its platform due to “extreme market conditions.”
<h2>Celsius Halts All Withdrawals</h2>
Crypto lending firm Celsius has stopped all withdrawals, swaps, and transfers between accounts, citing market conditions as well as the need for "stabilizing liquidity."
<blockquote><em>"Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swaps, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,"</em> the company said in a <a href="https://www.cryptoknowmics.com/news/bitfinex-announces-delisting-of-13-trading-pairs-blames-low-liquidity" target="_blank" rel="noopener">blog post</a>.</blockquote>
https://twitter.com/CelsiusNetwork/status/1536169010877739009

The team's focus is to protect and preserve assets, and the ultimate objective is stabilizing <a href="https://www.cryptoknowmics.com/news/bitfinex-announces-delisting-of-13-trading-pairs-blames-low-liquidity/" target="_blank" rel="noopener">liquidity</a> and restoring withdrawals, swaps, and transfers between accounts as quickly as possible.

Celsius said its operations were continuing, but that there was “a lot of work ahead  as we consider various options.”
<blockquote><em>“We understand that this news is difficult. We are working with a singular focus: to protect and preserve assets to meet our obligations to customers,”</em> the company added.</blockquote>
<h2>Celsius Token Takes a Plunge</h2>
Following the announcement, the native token of the Celsius Network, CEL, quickly reacted by dropping down 35% from the past 24 hours to $0.24, according to data from <a href="https://www.coingecko.com/en/coins/celsius-network-token" target="_blank" rel="nofollow noopener">CoinGecko</a>.

Launched in 2017, Celsius raised $750 million in funding late last year to offer interest-bearing products to customers who deposit their cryptocurrencies with the company and lend out cryptocurrencies to earn a return. Depending on the time horizon and the token, the platform offers as much as 18% interest a year.

Crypto Lender Celsius Halts All Withdrawals, Swaps and Transfers

Celsius announced that it would be pausing withdrawals, swaps and transfers between accounts on its platform due to “extreme market conditions.”

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Crypto Lender Celsius Halts All Withdrawals, Swaps and Transfers

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