After seeing its native token $CEL drop more than 90% in value over three months, crypto-lending platform Celsius has put a halt to all transactions. At the time of writing, the token’s price is floating around $0.20, despite being worth $3 in April.
Citing the current ‘extreme market conditions’ as the fundamental reason for the decision, the pause will see the platform’s 1.7 million user base be temporarily unable to make withdrawals, swaps and transfers between accounts. In doing so, the company hopes that it can achieve its main priority, which is to stabilize its liquidity and operations in order to preserve and protect its $12 billion worth of crypto assets.
As of now, the company is yet to provide any information as to when its services will restart, with a spokesperson stating that “there is a lot of work ahead as we consider various options. This process will take time, and there may be delays”.
Of course, Celsius and its native token are by no means the only entities to be affected by the current bearish crypto market. Not only has the formidable Ethereum cryptocurrency hit a 15 month-low valuation, but the Central Bank of Ireland has even began issuing warnings about how the effects of a recession may spill over into the wider economy.
