Sunday, May 12, 2024
HomeBitcoinđź”´Panic Hits Crypto Market

đź”´Panic Hits Crypto Market

Celsius pauses withdrawals, a crypto hedge fund faces insolvency however a Financial institution of America survey exhibits crypto curiosity remains to be sturdy. These tales and extra this week in crypto.

Celsius Pauses Withdrawals

Crypto lending platform, Celsius, introduced that it had paused all withdrawals, swaps, and transfers between accounts, blaming “excessive market situations.” Whereas buyers have been with out entry to their cash, the platform’s native token, CEL, dropped 70% in worth inside an hour of the announcement, triggering one other wave of panic throughout the crypto market.

Crypto Hedge Fund Bought Liquidated

One of many largest digital foreign money hedge funds, Three Arrows Capital (3AC), could also be dealing with insolvency after a liquidation totaling greater than $400 million attributable to latest market occasions. The Dubai-based funding agency was liquidated by crypto lending corporations and is exploring completely different choices to deal with its challenges, together with asset gross sales or being rescued by one other agency.

US Crypto Corporations Slicing Employees

Two of the largest US crypto corporations, Coinbase and Blockfi, have introduced they’re shedding practically 20% of their staffs. Coinbase CEO Brian Armstrong admitted rising too rapidly through the bull market. In the meantime, Binance is  hiring, with CEO CZ seeing this second in time as a chance to achieve entry to a few of the business’s finest expertise.

Elon Musk Sued for Dogecoin Promotion

A disgruntled investor is in search of a whopping $258 billion in damages from Elon Musk for his promotion of Dogecoin. Keith Johnson’s lawsuit has been introduced agai nst Elon Musk for the alleged participation in a pyramid scheme that aimed to inflate the value of Dogecoin, claiming the “defendants deceptively alleged that Dogecoin is a official funding when it has no worth in any respect”.

Moneygram Launches USDC Crypto-to-Money Program

US-based remittance agency, Moneygram has introduced the mixing of the stablecoin USDC for its crypto-to-cash program. This system allows clients to change USDC for fiat currencies through the use of the Moneygram app to rearrange an change at any Moneygram department in Canada or the US to obtain the money.

Circle Points EUR backed Stablecoin

The issuer of USDC, Circle, has introduced that it will likely be issuing a second stablecoin, the Euro Coin to allow seamless switch of euro liquidity on-chain. Formally launching on June thirtieth on Ethereum, with different platforms to comply with, Euro Coin will likely be pegged 1:1 to the Euro and will likely be backed by euro-dominated reserves.

BoA Report Reveals Crypto Curiosity Nonetheless Robust

A Financial institution of America report launched not too long ago exhibits that shopper curiosity in crypto remains to be sturdy. A survey of 1000 present and potential customers of crypto exchanges discovered that over the following six months, 91% of respondents supposed to purchase crypto whereas 30% stated they haven’t any plans to promote any of their crypto holdings over the identical interval.


The long-awaited .blockchain extensions at the moment are out there at Unstoppable Domains! Use your NFT area along with the tens of millions of customers, minimizing the danger of human error when sending and receiving funds. It is a limited-time alternative to purchase a premium, unique .blockchain username, so seize your Unstoppable Area utilizing the hyperlink beneath.



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments