Leading cryptocurrencies bitcoin and ether have dived after a cryptocurrency lending company that had promised huge returns to punters abruptly froze withdrawals, citing market volatility.
In a statement posted online on Monday, US-based Celsius has told its 1.8 million customers that it was immediately suspending withdrawals, swaps and transfers between accounts because of “extreme market conditions”.
Celsius’ move echoes the recent collapse of another cryptocurrency project known as Terra/Luna. While the two differ in many respects, they are similar in that many people bought into Terra/Luna because they could access interest rates of 20 per cent. Celsius offers up to 18 per cent annualised interest for deposits of some tokens and time periods on its platform.
It takes bitcoin’s losses this year to about 45 per cent, according to data from Morningstar, while Ethereum is down about 63 per cent.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto bloodbath pushes bitcoin to 18-month lowCryptocurrency investors grew increasingly skittish over the weekend, sending the price of bitcoin to the lowest level since December 2020 and prompting one popular cryptocurrency trading outfit to halt redemptions.
Read more »
Workers rescued after tumbling into vat of chocolate at Mars Wrigley factoryThe pair were carrying out maintenance work on the partially filled tank at the plant in Pennsylvania
Read more »
'Plenty more' icy days on the way for AustraliaTemperatures will keep tumbling after an icy start to winter, as dangerous surf batters Australia's east coast. 9News
Read more »
'Plenty more' icy days on the way for AustraliaOur chopper cam captured this wild ride on Sydney's Northern Beaches, as experienced surfers braved the massive swell. 🏄♂️ The entire NSW coastline is being battered with a hazardous surf warning in place for today and tomorrow. 9News LATEST CONDITIONS:
Read more »
Thousands still without power in Tasmania's north-west after wild windsThousands of houses remain without power in Tasmania's north-west after damaging winds whipped through the area over the weekend, toppling trees and blocking roads.
Read more »