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The Water Cooler
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Stock Market… this isn’t good IMO
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<blockquote data-quote="SlugSlinger" data-source="post: 3797278" data-attributes="member: 7248"><p><h3>Big Crypto Lender Celsius Freezes All Account Withdrawals</h3><h3>Company manages more than $11 billion in customer assets</h3><p><a href="https://www.wsj.com/news/author/vicky-ge-huang" target="_blank">Vicky Ge Huang</a>Updated June 13, 2022 1:23 am ET</p><p><img src="https://images.wsj.net/im-562430?width=860&height=573" alt="" class="fr-fic fr-dii fr-draggable " style="" /></p><h4>Celsius said it hoped to lift its suspension on withdrawals, swaps and transfers as quickly as possible.</h4><p>Photo: Benjamin Girette/Bloomberg News</p><p></p><p>One of the largest crypto lenders, Celsius Network, told users Sunday night that it is pausing all withdrawals, swaps, and transfers between accounts due to <a href="https://www.wsj.com/articles/bitcoin-revisits-late-2020-levels-as-it-suffers-fresh-selloff-11655096332?mod=article_inline" target="_blank">extreme market conditions</a>.</p><p>“We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the company said in a blog post.</p><p></p><p>Celsius lends out customer deposits to other users to earn a return. The company managed $11.8 billion in assets as of May 17, according to its website. It offers users annual percentage yields of up to 18.63% on cryptocurrency deposits. The company said it has 1.7 million users. Celsius<a href="https://www.wsj.com/articles/crypto-lending-company-celsius-names-new-cfo-11645213196?mod=article_inline" target="_blank"> raised $750 million in funding</a> late last year from investors including Canadian pension fund Caisse de dépôt et placement du Québec.</p><p>In April, Celsius came under regulatory pressure and stopped offering interest-bearing accounts to nonaccredited investors in the U.S. Some market observers claimed Celsius also <a href="https://www.wsj.com/articles/search-continues-for-source-of-terrausd-crypto-bank-run-11654348117?mod=article_inline" target="_blank">played a role in the collapse</a> of Luna and terraUSD cryptocurrencies last month, which Celsius disputes.</p><p>Celsius’ announcement came at the tail end of a brutal weekend for cryptocurrencies. In the past 24 hours, bitcoin fell 6.3% to $25,756 as of 12:10 a.m. on Monday, while ethereum lost 6.4% to $1,373, according to CoinDesk data. The global crypto market cap decreased 6.7% in the past day to $1.03 trillion, according to CoinMarketCap data. The price of Celsius’ token plunged 33% to $0.25 in the last 24 hours, according to CoinGecko, a cryto data provider.</p><p>Celsius said it hoped to lift its suspension on withdrawals, swaps and transfers as quickly as possible, but couldn’t predict when that would happen.</p><p>“There is a lot of work ahead as we consider various options, this process will take time, and there may be delays,” it said.</p><p></p><h4></h4><p></p><p>Wall Street Has Been Betting Billions on Crypto. Here’s Why.</p><p><img src="https://images.wsj.net/im-510658?width=370" alt="Wall Street Has Been Betting Billions on Crypto. Here’s Why." class="fr-fic fr-dii fr-draggable " style="" /></p><p>Wall Street Has Been Betting Billions on Crypto. Here’s Why.</p><p>WSJ’s Dion Rabouin explains why Wall Street is now betting big on crypto and what that means for the new asset class and its future. Photo composite: Elizabeth Smelov</p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3797278, member: 7248"] [HEADING=2]Big Crypto Lender Celsius Freezes All Account Withdrawals[/HEADING] [HEADING=2]Company manages more than $11 billion in customer assets[/HEADING] [URL='https://www.wsj.com/news/author/vicky-ge-huang']Vicky Ge Huang[/URL]Updated June 13, 2022 1:23 am ET [IMG]https://images.wsj.net/im-562430?width=860&height=573[/IMG] [HEADING=3]Celsius said it hoped to lift its suspension on withdrawals, swaps and transfers as quickly as possible.[/HEADING] Photo: Benjamin Girette/Bloomberg News One of the largest crypto lenders, Celsius Network, told users Sunday night that it is pausing all withdrawals, swaps, and transfers between accounts due to [URL='https://www.wsj.com/articles/bitcoin-revisits-late-2020-levels-as-it-suffers-fresh-selloff-11655096332?mod=article_inline']extreme market conditions[/URL]. “We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the company said in a blog post. Celsius lends out customer deposits to other users to earn a return. The company managed $11.8 billion in assets as of May 17, according to its website. It offers users annual percentage yields of up to 18.63% on cryptocurrency deposits. The company said it has 1.7 million users. Celsius[URL='https://www.wsj.com/articles/crypto-lending-company-celsius-names-new-cfo-11645213196?mod=article_inline'] raised $750 million in funding[/URL] late last year from investors including Canadian pension fund Caisse de dépôt et placement du Québec. In April, Celsius came under regulatory pressure and stopped offering interest-bearing accounts to nonaccredited investors in the U.S. Some market observers claimed Celsius also [URL='https://www.wsj.com/articles/search-continues-for-source-of-terrausd-crypto-bank-run-11654348117?mod=article_inline']played a role in the collapse[/URL] of Luna and terraUSD cryptocurrencies last month, which Celsius disputes. Celsius’ announcement came at the tail end of a brutal weekend for cryptocurrencies. In the past 24 hours, bitcoin fell 6.3% to $25,756 as of 12:10 a.m. on Monday, while ethereum lost 6.4% to $1,373, according to CoinDesk data. The global crypto market cap decreased 6.7% in the past day to $1.03 trillion, according to CoinMarketCap data. The price of Celsius’ token plunged 33% to $0.25 in the last 24 hours, according to CoinGecko, a cryto data provider. Celsius said it hoped to lift its suspension on withdrawals, swaps and transfers as quickly as possible, but couldn’t predict when that would happen. “There is a lot of work ahead as we consider various options, this process will take time, and there may be delays,” it said. [HEADING=3][/HEADING] Wall Street Has Been Betting Billions on Crypto. Here’s Why. [IMG alt="Wall Street Has Been Betting Billions on Crypto. Here’s Why."]https://images.wsj.net/im-510658?width=370[/IMG] Wall Street Has Been Betting Billions on Crypto. Here’s Why. WSJ’s Dion Rabouin explains why Wall Street is now betting big on crypto and what that means for the new asset class and its future. Photo composite: Elizabeth Smelov [/QUOTE]
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