Sign up now for FREE unlimited access to Reuters.com Register June 13 (Reuters) – Celsius Network cryptocurrency lender will cut withdrawals and transfers between accounts due to “extreme market conditions”, the company said on Monday, as the latest sign of pressure on the crypto industry. Bitcoin extended previous declines after the announcement of Celsius, falling more than 6% to $ 24,888, an 18-month low. Ether, the world’s second-largest cryptocurrency, fell more than 8% to $ 1,303, its lowest level since March 2021. “We are taking this necessary action … in order to stabilize liquidity and operations, while taking measures to preserve and protect assets,” the company said in a blog post. Sign up now for FREE unlimited access to Reuters.com Register “In addition, customers will continue to reap rewards during the downtime in line with our commitment to our customers.” The Celsius Network, which raised $ 750 million in funding late last year, is a major player in cryptocurrency lending. It offers interest-bearing products to customers who deposit their cryptocurrencies with the company and lends cryptocurrencies to gain performance. As of May 17, the company had processed $ 8.2 billion worth of loans and had $ 11.8 billion in assets, according to its website. He reported in August last year that he had more than $ 20 billion in assets. While cryptocurrency lending has become an increasingly large business, the industry has come under scrutiny, especially in the US Read more Cryptocurrency markets have come under pressure in recent months, declining alongside other so-called risky assets as interest rates have risen around the world. Price drops have caused and contributed to the collapse of some encryption projects. Most notable was the fall of stablecoin TerraUSD, which last month broke its bond into dollars and collapsed in value, shocking the crypto industry. read more Sign up now for FREE unlimited access to Reuters.com Register Report by Abinaya Vijayaraghavan in Bengaluru and Alun John in Hong Kong. Edited by: Bradley Perrett Our role models: The Thomson Reuters Trust Principles.
