AGL 6.45 Decreased By ▼ -0.05 (-0.77%)
ANL 9.50 Decreased By ▼ -0.20 (-2.06%)
AVN 74.95 Decreased By ▼ -0.88 (-1.16%)
BOP 5.35 Increased By ▲ 0.03 (0.56%)
CNERGY 4.80 Decreased By ▼ -0.05 (-1.03%)
EFERT 78.00 Increased By ▲ 0.51 (0.66%)
EPCL 54.15 Decreased By ▼ -1.06 (-1.92%)
FCCL 15.00 Decreased By ▼ -0.25 (-1.64%)
FFL 6.20 Decreased By ▼ -0.10 (-1.59%)
FLYNG 7.01 Increased By ▲ 0.16 (2.34%)
GGGL 10.05 Decreased By ▼ -0.12 (-1.18%)
GGL 15.94 Decreased By ▼ -0.37 (-2.27%)
GTECH 7.85 Increased By ▲ 0.41 (5.51%)
HUMNL 6.27 Decreased By ▼ -0.06 (-0.95%)
KEL 2.83 Decreased By ▼ -0.14 (-4.71%)
LOTCHEM 27.65 Decreased By ▼ -0.65 (-2.3%)
MLCF 27.00 Decreased By ▼ -0.56 (-2.03%)
OGDC 73.35 Decreased By ▼ -0.65 (-0.88%)
PAEL 15.30 Decreased By ▼ -0.29 (-1.86%)
PIBTL 5.15 Decreased By ▼ -0.10 (-1.9%)
PRL 16.10 Decreased By ▼ -0.48 (-2.9%)
SILK 1.04 Decreased By ▼ -0.02 (-1.89%)
TELE 10.45 Decreased By ▼ -0.20 (-1.88%)
TPL 7.69 Decreased By ▼ -0.19 (-2.41%)
TPLP 19.22 Decreased By ▼ -0.48 (-2.44%)
TREET 22.75 Decreased By ▼ -0.25 (-1.09%)
TRG 115.90 Decreased By ▼ -4.20 (-3.5%)
UNITY 21.80 Decreased By ▼ -0.34 (-1.54%)
WAVES 11.15 Decreased By ▼ -0.05 (-0.45%)
WTL 1.12 Decreased By ▼ -0.03 (-2.61%)
BR100 4,039 Decreased By -56.1 (-1.37%)
BR30 14,984 Decreased By -242.5 (-1.59%)
KSE100 40,620 Decreased By -307.7 (-0.75%)
KSE30 15,213 Decreased By -142.6 (-0.93%)
Follow us

Cryptocurrency lending firm Celsius Network will pause withdrawals and transfers between accounts due to “extreme market conditions”, the company said on Monday, in the latest sign of pressure in the crypto industry.

Bitcoin extended earlier declines after Celsius’s announcement, falling more than 6% to as low as $24,888, an 18-month low. Ether, the world’s second-largest cryptocurrency, dropped more than 8% to $1,311, its lowest since March 2021.

“We are taking this necessary action … in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the company said in a blog post.

“Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.”

Celsius Network, which raised $750 million in funding late last year, is a significant player in crypto lending.

Bitcoin back below $30,000; European regulators renew crypto warnings

It offers interest-bearing products to customers who deposit their cryptocurrencies with the company, and lends out crypto currencies to earn a return.

The sector has come under regulatory scrutiny however, particularly in the US Crypto markets have been under pressure in recent months, falling alongside other so-called risk assets as interest rates have risen around the world.

Price falls have also both been caused by and contributed to the collapse of some crypto projects, most notably the collapse of stablecoin TerraUSD.

TerraUSD last month broke its dollar peg and collapsed in value, rocking the crypto industry.

Comments

Comments are closed.