Celsius - DEFI Lending Platform, Halting Most Operations, Due To Liquidity Issues
Hey Everyone,
It's been a bloody crypto Sunday, and worse for some than others, several liquidity issues are cropping up amongst various crypto platforms, with the most notable being Celsius.
About 4 hours ago, Celsius tweeted the following notice to it's customers.
"Celsius Network is pausing all withdrawals, Swap, and Transfers between accounts."
As of this writing the price is currently .1946 having lost over 50 percent of it's value today.
The year to date chart is painful!
As if the idea of another large crypto project failing right after Luna, there is even more bad news in this situation.
This Article stats that Celsius impacts a broad spectrum of crypto projects including owing money to Tether and being held by one of Canada's larges pension fund.
How will jumpy crypto investors take the Celsius news, as many are still enjoying the weekend, in other time zones this bad news will hit early Monday Morning.
Currently Bitcoin is trading at $$25,388.527 down 7% and ETH is Holding above $1,200 at $1333.07
The Bitcoin Crypto Fear and Greed rating is currently at 11, Extreme Fear. The lowest I have ever seen it is 8.
Just as with the Luna crash, the entire market is currently feeling the pain of another major project having trouble.
There are other platforms also experiencing Liquidity problems, but none as big as Celsius.
No idea, if tomorrow bring more problems and sell offs, or if we see a recovery, all bear drops end in a swift and pain dump, so maybe we are close to a bottom for now, but who knows.
Tell me your thoughts in the comments.
