Crypto lender Celsius pauses withdrawals due to 'extreme market conditions'
— Celsius, Withdrawals, Market, Conditions, Extreme, Crypto, Token, Billion, Assets, Lending — 1 min read
Celsius is one of the largest players in the crypto lending space. The firm has seen the value of its assets more than halve since October. Celsius' cel token has also erased 97% of its value in the same timeframe. Bitcoin tumbled 15% to $23,325, according to Coin Metrics data, falling to lows not seen since December 2020. Celsius is essentially the crypto equivalent of a bank — but without the strict insurance requirements faced by traditional lenders. The move has raised concerns about Celsius' solvency, which offers users higher-than-average interest rates on their deposits, and low-risk deposits on Bitcoin and other cryptocurrencies. The company was not immediately available for additional comment on the situation when contacted by CNBC. Source