Celsius asks users for more time to Fix Issues after Pausing Withdrawals

Source: coinculture.com

Celsius, the embattled cryptocurrency lending firm, has requested its users more time to stabilize operations and liquidity after the bear cryptocurrency market made the firm freeze all withdrawals for its customers.

The crypto crash has seen billions of dollars erased from the cryptocurrency market in the last few weeks, with the Bitcoin price sinking below the $20,000 mark over the weekend. This is according to data obtained from cryptocurrency exchanges like Coinbase, Binance, and CoinMarketCap.

Celsius pays high yields to its customers who deposit their cryptocurrency with them by lending it out to other institutions for the generation of profit. Some accounts receive payments of up to 19% for their deposits.

Last week, Celsius halted all withdrawals citing “extreme market conditions.”

On Monday 20th, Celsius asked its customers for more time to solve the situation.

“We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time,” Celsius said in a blog post.

“As has been a priority since our company’s inception, we maintain an open dialogue with regulators and officials. We plan to continue working with regulators and officials regarding this pause and our company’s determination to find a resolution.”

The company also announced that it will be pausing Twitter Spaces and Ask Me Anything (AMAs) “to focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community.”

The news to halt withdrawals raised insolvency fears of the company in the cryptocurrency community. The company has faced a number of challenges that can leave it insolvent.

The ongoing decline in the cryptocurrency market has eroded the asset the company holds.

Other Crypto News

In some of the latest Bitcoin news, the cryptocurrency has managed to rise above the $20,000 mark. This comes after the Bitcoin price sunk to a low of $17,772 on Saturday, June 18. Bitcoin made a marginal recovery on Sunday 19, rising above the $20,000 level. On Monday, the BTC price spent most of the day above this level. At the time of writing, the Bitcoin price was about $20,636 on Coinbase, Binance, and CoinMarketCap. The following BTC to USD chart shows changes in the BTC value in the past 24 hours.

Source: CoinMarketCap

Ethereum, the second-largest cryptocurrency by market cap, has also risen above the $1,000 mark. This comes after the Ethereum price sunk to a low of $898 on Saturday, June 18. This is according to data obtained from cryptocurrency exchange platforms like Coinbase, Binance, and Coin Market Cap. At the time of writing, the Ethereum price was about $1,122 on Coinbase, Binance, and CoinMarketCap.

Source: CoinMarketCap

Litecoin, which is ranked as the 18th largest cryptocurrency by market cap, has also recorded a gain in price. On Saturday, the cryptocurrency price sunk to a low of about $42.36. However, the coin has since recovered and is now trading at a Litecoin price of about $52.19 on most cryptocurrency exchanges.

Source: CoinMarketCap

Ripple’s XRP also dropped to a low of about $0.2925 on Saturday. The cryptocurrency has recovered since then and is now trading at an XRP price of about $0.3231.

Source: CoinMarketCap

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