The financial fate of many Australians will be decided over the next few days, as the price of many cryptocurrencies plunges and one major crypto-lender locks customers out of their own accounts.
Over five years' of fly in, fly out mining work in Far North Queensland, Joel had saved up almost enough for a first-home deposit.The price of bitcoin has dropped by about 30 per cent in the past weekCrypto groups are posting links to counseling hotlines as members lose their savingsThe company that manages his cryptocurrency in exchange for rewards has frozen withdrawals for all its customers, meaning Joel can't even access his money.
The combined market value of all cryptocurrencies is now reportedly less than $US1 trillion , or about a third of its November value.As the price falls, investors are getting jittery., losing 95 per cent of its value in 48 hours and triggering a widespread loss of confidence.Why is Celsius in trouble?
It said it was able to pay such high rates through making long-term loans and earning even larger returns. We don't know these things because, though it's like a bank, Celsius isn't regulated as a bank, which is required to have a certain amount of capitalisation ."We don't know if it's gone bust and it may well not have — there's all sorts of rumours going around."
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