Bitcoin has crashed by nearly 18% recently, crashing to below $24,000. This is the lowest value of the coin since December 2020, and has had a snowball effect on other cryptocurrencies.
Between Sunday and Monday this week, Bitcoin values decreased sharply and this has taken a toll on The Celsius Network.
Exchanges have also taken action, alerting over 1.7 million Bitcoin customers that, due to “extreme market conditions”. All withdrawals, transfers, and swaps, have been paused until further notice.
In a public memo aimed at investors, the company said: “Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community.
We understand that this news is difficult, but we believe that our decision … is the most responsible action we can take to protect our community. We are working with a singular focus: to protect and preserve assets to meet our obligations to customers.
Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible. There is a lot of work ahead as we consider various options, this process will take time, and there may be delays.”
Another major platform, Binance, announced similar measures in response to the news. It tweeted that all withdrawals had been temporarily paused.
Binance is the world’s largest cryptocurrency exchange in terms of trading volume, so some investors fear that this could make the situation worse.
It’s already having a knock-on effect on other cryptocurrencies. Ether’s value fell by over 20% in a 24-hour period between Sunday and Monday. Binance Coin (BNB) fell by nearly 16%, Ripple (XRP) fell by 14%, and Dogecoin’s value plummeted by (DOGE) 19%.
Coinbase, which is the largest exchange in the US, has also reported that employees are pushing for top leaders to be removed over actions “that have led to questionable results.”