Due to extreme market conditions, Celcius, a crypto staking and lending platform, has halted all swaps, transfers, and withdrawals.
Celsius, a cryptocurrency lending firm, allows users to stake cryptocurrency, which can then be used as collateral for loans. Celsius users may be nervous right now because the platform paused withdrawals in order to “put Celsius in a better position to honor, over time, its withdrawal obligations,” according to a Monday announcement from the project. Celsius CEO Alex Mashinsky deflected blame for the platform’s problems, including rumors of insolvency, to shadowy Wall Street opportunists, Cointelegraph reported in May.
What Happened to Celcius
Celsius, a cryptocurrency lending platform, announced on Sunday that it would pause withdrawals on its platform, citing market conditions as the price of Ether and other cryptocurrencies plummeted.
The firm took to Twitter to announce the suspension of withdrawals, transfers, and swaps, noting:
“@CelsiusNetwork is pausing all withdrawals, Swap, and transfers between accounts. Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community.”
On the news, the price of Celsius’s native token fell sharply, falling 45 percent to $0.21 per coin.
How Celcius Users Reacted to News
Celsius has transferred more than a quarter-billion dollars from Aave to the FTX exchange for unknown reasons, while also suspending withdrawals for users.
Celsius may be dealing with its rumored liquidity crisis by withdrawing $247 million in Wrapped Bitcoin (wBTC) from Aave and transferring it to the FTX exchange.
Speculations are now rife in the crypto community, as the project has been moving massive amounts of wBTC, Ether (ETH), and other crypto assets, as well as pausing withdrawals for users.
Following the collapse of the Anchor Protocol on the now-named Terra Classic blockchain, Celsius users have criticized the platform for how they believe the project mismanaged its funds. The project could address those issues.
Are Crypto Exchanges Reliable Anymore?
Binance, a major cryptocurrency exchange, announced on Monday that it had temporarily halted BTC withdrawals. Binance announced that it had resumed Bitcoin withdrawals after a three-hour hiatus due to market volatility.
However, many people on social media appear to be waiting for the other shoe to drop, as it were, with regard to other major cryptocurrency exchanges. Given Coinbase’s history of outages, some have expressed concern that the exchange, which has approximately 98 million verified users, could go offline during market volatility or otherwise announce the suspension of withdrawals. Kraken, a cryptocurrency exchange based in the United States, has not announced any similar withdrawal restrictions.
Why Choosing A Platform With A Good Reputation Is Important
Pessimism has gripped the cryptocurrency community on what has been dubbed “Black Monday” for cryptocurrencies. Investors had to deal with not only the cryptocurrency crash, but also the uncertainty of whether their normally trusted platforms would survive the market, whether their assets were safe, and so on. This undoubtedly shakes people’s faith in their investments, exacerbating the turmoil in the virtual industry and causing more losses for investors.
This highlights the significance of selecting a reputable platform. A good investment platform not only provides investors with excellent returns in both bull and bear markets, but it also reduces risk and allows investors to gain asset protection when the market is battered by storms. Investors benefit from trading on such a platform.
Bexplus: A Crypto Platform You Can Always Trust
Bexplus is a reputable crypto derivatives platform accredited by U.S. FinCEN MSB (Money Services Business). It offers 100x leverage in BTC, ADA, DOGE, ETH, and XRP futures contracts. Headquartered in Hong Kong with a license from Money Services Business, Bexplus is trusted by over two million traders around the world, no deposit fee, traders can receive the most attentive services, including 24/7 customer support.
Transaction Security: Ensure The Security Of Your Assets
Bexplus takes security measures similar to banks to ensure that the security of customer assets stored in trading exchanges reaches the highest standards. Several layers of protection have been implemented, such as multi-signature withdrawals and two-factor authentication (2FA).
BTC Wallet: Up to 21% Annualized Interest
If you want to take a short break from trading, the Bexplus BTC wallet can help you generate juicy profit without taking any risks. With up to 21% annualized interests, it is no doubt one of the most profitable rates in the industry.
100% Deposit Bonus: More Margin, More Profit
The bonus is not withdrawable, but traders can use it as margin to open bigger positions and take more profit. Profit made with the bonus is withdrawable. Besides, with bigger margin, traders’ positions are less likely to get liquidated when there are huge price swings
Demo Account with 10 BTC: Your Trading Simulator
The demo account is for users to get familiar with the trading process and test trading strategies to improve accuracy. To help traders better familiarize themselves with leveraged trading, Bexplus has launched a trading simulator. There are 10 replenishable BTC in the demo account for traders to practice as much as they like, without taking any risks. You can also learn to analyze the market and use the tool-kit with the demo account.
Copy Trading: Have Skilled Traders Trade For You
With copy trading provided by Bexplus, you can automatically copy other excellent traders’ trading. It can be a really valuable portfolio for those who are just starting out in trading, or those who don’t want to dedicate a huge amount of time to managing their trades. Not only can you directly see all the trader’s trading data statistics and make comparison selections, but also you can customize the size of the copy order, set the take-profit and stop-loss, copy the order proportionally, and terminate the copy order at any time.
No KYC: Open An Account With Only One Email
No KYC, only an email address is required to complete the registration on Bitwells. No KYC protocol means that your privacy can be guaranteed. Bitwells will not collect any information from you, and there is no need to worry about identity information leakage.
24/7 Withdrawal and 24/7 Customer Support
You can submit a withdrawal request anytime you want. You can have your deposits back in as fast as 30 minutes during work hours. If you encounter any problems when using Bexplus, you can contact customer support via different channels, such as e-mail and live chat.
To start futures trading in a secure and advanced manner, the user needs to choose a reliable and recognized brokerage platform. Bexplus platform has everything you need in becoming a successful trader, from educational materials to your own account manager.
The market is changing rapidly, and many trading platforms are struggling to maintain trust with their users for various reasons. Bexplus is your best supporter, with its long history, a large user base, a solid reputation, and asset security guarantees to help you stand firm and earn in a volatile market. Click Here and Sign up for Bexplus today and benefit from the security of a professional platform that provides excellent service and a great bonus.