It’s been eight days since Celsius Network Halted Swaps, Transfer, and Withdrawal, citing extreme market conditions. This came as the Crypto Market was experiencing a massive sell-off that saw Bitcoin hitting $17k low levels.
Celsius had reportedly stopped users from withdrawing from the network, which caused some uproar in the community as many investors feared having to experience the same fate as LUNA/UST. Notably, LUNA/UST saw a significant shaking that resulted in investors losing over 99% of their investments and savings in the supposed stablecoin, UST.
Celsius Crisis was significant because this platform poses as one whose investors have sole ownership and claims over their funds—so shutting investors out from making withdrawals bridged this policy, spreading fear all over the market.
Unavoidably, this affected the price dropping to $0.5, as liquidation fears gripped short-term investors.
More Problems For Celsius Network
The Texas State Securities Board’s enforcement director, Joseph Rotunda, acknowledged that state securities regulators are currently investigating crypto lender Celsius Network’s decision to suspend accounts.
According to Alabama Securities Commission Director Joseph Borg, securities regulators in Alabama, Texas, New Jersey, and Kentucky are also looking into the matter. He noted that the investigation is still in its early stages but that Celsius has been responsive to regulators’ questions.
Celsius Network also confirmed that it’d take time to set the recovery plan in motion as the general cryptocurrency market is still struggling from a massive sell-off.
There’s currently no official information for the community from the team on what’s the next plan, and it looks like everyone is left in the dark, making assumptions.
Celsius CEO Mashinsky Only managed to address the community after keeping silent.
@CelsiusNetwork team is working non-stop. We’re focused on your concerns and thankful to have heard from so many. To see you come together is a clear sign our community is the strongest in the world. This is a difficult moment; your patience and support mean the world to us.
— Alex Mashinsky (@Mashinsky) June 15, 2022
Celsius Price Action: Manages To Hit About 80% Increase, Despite Crisis
It seems bull investors are not backing out without a fight as the asset’s price is currently skyrocketing despite the dull Market and recent Crisis.
Today’s live Celsius Network price is $0.889745 with a 24-hour trading volume of $31,969,362. Currently, Celsius is up 37.06% in the last 24 hours and 80% from $0.5 lows after hitting $0.9 earlier today.
The current CoinMarketCap ranking is #117, with a live market cap of $212,527,586. It has a circulating supply of 238,863,520 CEL coins and a max. supply of 695,658,160 CEL coins.
Is Celsius Network back, or is this another trap to get greedy traders before the major Crisis?
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, and Metaverse news!
Image Source: calcassa/123RF