Celsius freezes withdrawals amid crypto market rout

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Cryptocurrency lender Celsius halts withdrawals

Celsius Network Ltd. paused withdrawals, swaps and transfers on its platform, fueling a broader market selloff as traders continued to question the sustainability of high-yielding tokens in the wake of the Terra blockchain collapse.

Celsius’s CEL token was down 31% to 24.2 cents as of 12:42 p.m. in Hong Kong, according to pricing data site CoinGecko, underperforming amid a slump in crypto assets that sent Bitcoin to its lowest level since December 2020.

[Bloomberg]
 
Know a guy in the US who has $50K on Celsius. If anyone has money on international exchanges I would stick to Coinbase, FTX, Kucoin and Binance
 
Tim_vb said:
View attachment 1329630

Its all going to f*cking zero
Click to expand...

USDT first. Their "commercial paper" is about as valuable as bog roll - they can't withstand a large bank run. One would think that all is well because the 1:1 peg appears to be maintained, but it will very quickly go from 1.00 to about 0.01 when they run out of "real" assets to liquidate.
 
People has been warned about crypto.
 
Swa said:
So much for crypto not having central control. Think people are starting to see through the myth.
Click to expand...

It's failed on many points, primarily the "hedge" and "store of value" claims. The fact that Bitcoin can be so largely affected by an unrelated coin means it's become nothing more than a highly speculative asset Wall Street can manipulate.

The other elephant in the room is the amount of BTC that's been purchased on credit/margin is high. This means it becomes highly correlated with the broader market and economy. When the margin calls start coming, the first thing to capitulate is crypto.
 
  • Wow
Reactions: Swa
airborne said:
“Both TerraUSD and Celsius revolved around the prospect of super-high yields to keep up demand, which itself depended on a steady flow of new entrants feeding the system, or borrowing or other investment to pay the high rates.
I think there is another term for this...”
Click to expand...
Pyra...uh, Triangle Venture?
 
airborne said:
“Both TerraUSD and Celsius revolved around the prospect of super-high yields to keep up demand, which itself depended on a steady flow of new entrants feeding the system, or borrowing or other investment to pay the high rates.
I think there is another term for this...”
Click to expand...
AFIK this is also the basis of every DeFi scheme?
 
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PhireSide said:
Pyra...uh, Triangle Venture?
Click to expand...
Get with the times. Its a Multilevel Marketing Investment Opportunity. Join now an make bags of cash bits*.

*According to people in the know.
 
Tim_vb said:
AFIK this is also the basis of every DeFi scheme?
Click to expand...

It seems that way, well at least someone is winning, I just wonder who because a lot of money has been pumped into these coins and it all has to go somewhere.
 
airborne said:
It seems that way, well at least someone is winning, I just wonder who because a lot of money has been pumped into these coins and it all has to go somewhere.
Click to expand...
Those who pumped the schemes in the first place. They got the tokens airdropped so they had incentive up pump up the coverage .... everyone from Justin Beber and Do Kwon to Chamath - its a big ecosystem and Coffeezilla documents it well
 
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