• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Celsius
Nexo

Celsius Says Maintaining Financial Stability Will Take Time

Saeed Hassan by Saeed Hassan
2 weeks ago
in Crypto News
0
Advertisement

Celsius, one of the top crypto lenders, halted withdrawals on its platform last week due to a terrible liquidity crisis. And now, the crypto lending network has stated that it will take more time to get back on track financially as they are still recovering from financial crises.

Celsius is a cryptocurrency lending and interest-paying Decentralized Finance (DeFi) network. DeFi provides individual financial services on a decentralized public blockchain like lending, borrowing, and interest-bearing investments.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | Binance And Luxury Brand Vertu Paris To Roll Out New Smartphone NFTs

The notification of “pausing all withdrawals, swaps, and transfers between accounts” from Celsius comes after the US Labor Department revealed CPI inflation statistics on June 10, indicating that macroeconomic factors are placing more pressure on the cryptocurrency market, which is already under duress.

Celsius Takes Action To Stabilize Liquidity And Operations

Celsius claimed in a Sunday night blog post on June 19 that its foremost priority is maintaining its finances and operations. It will, however, take time to sustain its financial stability.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

As stated:

We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time.

Furthermore, according to the release, they are in open discussion with authorities and officials regarding the decision to freeze withdrawals, swaps, and transfers between customer accounts. They are attempting to resolve the situation:

We plan to continue working with regulators and officials regarding this pause and our company’s determination to find a resolution. 

This action comes after significantly to the market’s collapse, as Bitcoin’s price plummeted below $20,000 over the weekend, trading 70% lower than its all-time high.

Bitcoin Price Chart
Bitcoin is trading above the $20,000 level on the daily chart | Source: BTC/USD price chart from Tradingview.com

Celsius Taking A Break From Its Twitter Spaces And Reddit AMA Sessions

In its post, the company also announced that it would stop its Twitter Spaces and Ask Me Anything (AMA) sessions to concentrate on overcoming obstacles and meeting its community’s expectations.

As per the statement stated:

We are pausing our Twitter Spaces and AMAs to focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community.

Last Friday, Celsius canceled their Youtube AMA session just before it started, with CEO Alex Mashinsky giving a message in a video on the company’s YouTube channel, which is similar to the company’s current statement.

Alex Mashinsky stated:

We will be pausing AMA’s for now, so Celsius can focus on this very important work for the community.

When Celsius canceled the AMA session, many frustrated users expressed their dissatisfaction on Twitter with the Celsius platform. 

Related Reading | Think You’re Down Bad? This Ethereum Wallet Got Liquidated Over 71,800 ETH

Celsius isn’t the only crypto lender under criticism due to the current market situation. Babel Finance, a Hong Kong-based cryptocurrency exchange, froze withdrawals and redemptions on Friday as well.

WatcherGuru Tweeted on June 17 stating that:

 Babel Finance halts #crypto withdrawals and redemptions, citing “unusual liquidity pressures.”

As another company has halted withdrawals, implying that the crypto market is might about to undergo another fall.

      Featured image is from Flickr and chart is from TradingView.com

 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Saeed Hassan

Saeed Hassan

Saeed Hassan is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2016. He is an author at Bitcoinist and NewsBTC, and he also runs his blog, where he writes about all things related to crypto and finance. In his spare time, Saeed enjoys playing cricket and watching Marvel series.

Related Posts

BlockFi FTX

BlockFi Clears Up Rumors, Crypto Exchange FTX Will Have $240 Million Purchase Option

8 hours ago
crypto liquidations

Crypto Market Liquidations Surges Past $250 Million As Bitcoin Declines Below $20,000

12 hours ago
Crypto

This Is Why CoinFlex May Not Resume Crypto Withdrawals This Thursday

1 day ago
Crypto

Coinbase Plans Overseas Expansion, Seeks Licenses In Europe

1 day ago
Grayscale

Grayscale Investments Sues SEC Over Bitcoin ETF Denial

1 day ago
crypto lenders

Crypto Lending Platforms Under Immense Stress As Court Orders 3AC Liquidation

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.