Crypto watchers and finance experts are linking Bitcoin’s bad fortunes to two separate incidents — the collapse of Terra in May 2022 and Celsius going silent earlier this week. Terra, a stablecoin pegged to the U.S. dollar at an even exchange rate, imploded last month. Terra 2.0 has since popped up, but co-founder Do Kwon is already facing allegations of cashing out right in time. Celsius, a crypto depositing company that promises handsome returns from interests by loaning crypto deposits to other companies, shut down withdrawals a few days ago.
Citing “extreme market conditions,” Celsius announced in an official blog post that it was putting a hold on all withdrawals and transfers by invoking a clause in the Terms of Use. The company, which accepts both Bitcoin and Ethereum deposits, is one of the most well-known names in the De-Fi (Decentralized Finance) industry. However, Celsius’ business model has also attracted scrutiny, with skeptics calling it non-sustainable. While the company hasn’t technically closed the shutters, its latest move is yet another sign that crypto’s volatility is not really good for long-term business prospects.
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