🔴Panic Hits Crypto Market

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🔴Panic Hits Crypto Market


Celsius pauses withdrawals, a crypto hedge fund faces insolvency however a Financial institution of America survey exhibits crypto curiosity remains to be sturdy. These tales and extra this week in crypto.

Celsius Pauses Withdrawals

Crypto lending platform, Celsius, introduced that it had paused all withdrawals, swaps, and transfers between accounts, blaming “excessive market situations.” Whereas buyers have been with out entry to their cash, the platform’s native token, CEL, dropped 70% in worth inside an hour of the announcement, triggering one other wave of panic throughout the crypto market.

Crypto Hedge Fund Obtained Liquidated

One of many largest digital forex hedge funds, Three Arrows Capital (3AC), could also be going through insolvency after a liquidation totaling greater than $400 million attributable to current market occasions. The Dubai-based funding agency was liquidated by crypto lending companies and is exploring completely different choices to deal with its challenges, together with asset gross sales or being rescued by one other agency.

US Crypto Companies Chopping Workers

Two of the largest US crypto companies, Coinbase and Blockfi, have introduced they’re shedding practically 20% of their staffs. Coinbase CEO Brian Armstrong admitted rising too shortly through the bull market. In the meantime, Binance is  hiring, with CEO CZ seeing this second in time as a possibility to realize entry to among the trade’s finest expertise.

Elon Musk Sued for Dogecoin Promotion

A disgruntled investor is in search of a whopping $258 billion in damages from Elon Musk for his promotion of Dogecoin. Keith Johnson’s lawsuit has been introduced agai nst Elon Musk for the alleged participation in a pyramid scheme that aimed to inflate the value of Dogecoin, claiming the “defendants deceptively alleged that Dogecoin is a professional funding when it has no worth in any respect”.

Moneygram Launches USDC Crypto-to-Money Program

US-based remittance agency, Moneygram has introduced the mixing of the stablecoin USDC for its crypto-to-cash program. This system allows prospects to alternate USDC for fiat currencies by utilizing the Moneygram app to rearrange an alternate at any Moneygram department in Canada or the US to obtain the money.

Circle Points EUR backed Stablecoin

The issuer of USDC, Circle, has introduced that it will likely be issuing a second stablecoin, the Euro Coin to allow seamless switch of euro liquidity on-chain. Formally launching on June thirtieth on Ethereum, with different platforms to observe, Euro Coin might be pegged 1:1 to the Euro and might be backed by euro-dominated reserves.

BoA Report Reveals Crypto Curiosity Nonetheless Sturdy

A Financial institution of America report launched lately exhibits that shopper curiosity in crypto remains to be sturdy. A survey of 1000 current and potential customers of crypto exchanges discovered that over the following six months, 91% of respondents meant to purchase crypto whereas 30% stated they haven’t any plans to promote any of their crypto holdings over the identical interval.

 

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