When Celsius stops withdrawals due to market unrest, CEL falls by 74%.

June 13, 2022

When Celsius stops withdrawals due to market unrest, CEL falls by 74%.

 

When Celsius stops withdrawals due to market unrest, CEL falls by 74%.

In a notification released on Monday morning, Celsius Network declared that it has put an end to withdrawals, swaps, and transfers between accounts (GMT). The company blamed “severe market conditions” for the problem. Crypto markets have fallen precipitously since the U.S. Labor Department released CPI inflation statistics last Friday. From peak to trough, market cap outflows since that time have totaled $213 billion. Consumer inflation in the United States increased by 0.3 per cent from April to a 40-year high of 8.6 per cent in May, showing that the cost of living crisis and related inflation are still out of control. The notification from Celsius is another indication that the already-stressed cryptocurrency industry is being put under pressure by macroeconomic factors.

In a notification released on Monday morning, Celsius Network declared that it has put an end to withdrawals, swaps, and transfers between accounts (GMT). The company blamed “severe market conditions” for the problem. Crypto markets have fallen precipitously since the U.S. Labor Department released CPI inflation statistics last Friday. From peak to trough, market cap outflows since that time have totaled $213 billion. Consumer inflation in the United States increased by 0.3 percent from April to a 40-year high of 8.6 percent in May, showing that the cost of living crisis and related inflation are still out of control. The notification from Celsius is another indication that the already-stressed cryptocurrency industry is being put under pressure by macroeconomic factors.

Some Celsius users complained about withdrawal issues in May, which sparked speculations that the company was bankrupt. Any delays in withdrawals were brought on by issues beyond its control. In these situations, the business works with the impacted customers to find a solution.

Read more: Ukraine is the third non-EU country to join the European Blockchain Partnership.

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