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Celsius Crashes 50% As the Platform Halts Withdrawals due to ‘Extreme Market Conditions’

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Celsius Network, a well-known DeFi platform and one of the largest cryptocurrency lenders, has announced the suspension of withdrawals, swaps and transfers between accounts.

  • The market continues to fall, with BTC dropping to an 18-month low and ETH dropping to $1,300.
  • As a result, a whopping $500 million has been liquidated in the last 24 hours alone.
  • Citation “extreme market conditions,” Celsius Network, a well-known DeFi platform and one of the largest lenders in the industry, has halted withdrawals, swaps, and transfers between accounts.

We are taking this action today to help Celsius meet its withdrawal obligations over time.

  • The post claims that this act is in the best interest of the community and is in line with their risk management system.

Our ultimate goal is to stabilize liquidity and restore withdrawals, swaps and transfers between accounts as quickly as possible. There is a lot of work ahead as we are looking at various options, this process will take time and there may be delays. – Post ends.

  • Meanwhile, the price of the platform’s native cryptocurrency, the CEL token, has fallen by more than 50% in the past 24 hours.
Source: CoinMarketCap
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Credit : cryptopotato.com

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