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Major crypto lender pauses key services

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One of the largest crypto lenders is pausing withdrawals, swap, and transfers between accounts

Tokens at Celsius Network took a 60 per cent tumble to as low as 19 cents, following an announcement to pause withdrawals.

The company says the decision was based on poor market conditions.

“We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” the company says.

Celsius was valued at U.S. $3.25 billion when it recently extended its ‘oversubscribed’ Series B financing round.

The platform gives users the chance to deposit major cryptos like Bitcoin, Ethereum and Tether in exchange for weekly interest payments.

It offers as much as 18 per cent interest in a year, and is reportedly home to 1.7 million people.

“We are working with a singular focus: to protect and preserve assets to meet our obligations to customers. Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible.”

CELSIUS NETWORK

Elsewhere, Bitcoin has plunged to a new low amid a horror 72 hours for the crypto.

The coin briefly dipped to U.S. $24,900, which is its lowest fall in 18 months.

Analysts remain concerned these digital tokens are yet to hit rock bottom.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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Crypto whales exchange $10 million in Shiba coins

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Two large anonymous cryptocurrency wallets exchanged a total of 855,614,973 Shiba Inu meme coins, worth approximately $9.6 million.

The data, published on the WhaleStats website, reveals that these top Ethereum wallet owners have increased their SHIB stash by $134,767,965 in value since September 21.

While it is unclear what the motives behind these transactions are, it seems that the recent surge in demand for Shiba Inu meme coins has led to a significant increase in their value.

With the price of SHIB currently sitting at $0.0016 per coin, it will be interesting to see how these anonymous investors choose to cash out their profits.

So, these whales made a profit of about $649 000 in just three days due to the price increase of both assets.

As the Ethereum blockchain network’s meme currency becomes more popular among cryptocurrency investors and traders, its price is also growing rapidly.

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Crypto

Australia targets rise of China’s digital currency

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An Australian lawmaker wants to tackle the rise of China’s digital currency

Andrew Bragg is the man behind the changes, he’s from the conservative Liberal Party who wants to put restrictions in place to avoid the use of the digital Yuan.

In a draft bill, the MP wants banks to share details about whether or not they have accepted digital currencies from China.

Of course, Beijing is currently running trials of its sovereign currency at the moment.

But it’s left some lawmakers in a rush to get on top of it.

Earlier this year, the U.S. began setting up fresh rules around the digital Yuan .

In Australia, banks that are found to be breaching the rules could be penalised.

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Crypto

Bitcoin slips amid global uncertainty

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One major cryptocurrency has slipped again, sending shockwaves through the sector

Bitcoin dropped 1.54%, slipping from the 20,000 mark after losing $310 from its previous close.

The world’s best-known cryptocurrency, Bitcoin, is down 59% from the year’s high of $48,234.

Meanwhile, Ether dropped 3.2 %, losing $47 from its previous close. It comes amid widespread concern for the sector following trouble on the global economy.

Uncertainty in the broader financial sector is fuelling a negative flow on effect in the crypto market.

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