Crypto

Crypto Market Crash: All Exchanges Halt Crypto Transactions

Amid the crypto market crash, exchanges have halted crypto transactions. Here we list all the exchanges that have stopped crypto transactions.

Binance, Celisus Networks have stopped crypto transactions. (Representative Image)

The cryptocurrency market has been sinking ever since Luna-Terra stablecoin episode. The global market capitalization has shrunk below $1 trillion to $977 billion, a 12 percent drop since Monday. The largest cryptocurrency, Bitcoin, has plunged more than 10 percent since Monday, falling to an 18-month low of $22,345. It’s down about 60 percent so far this year. Meanwhile, the second largest cryptocurrency, Ethereum, fell more than 20 percent to $1,184.

The big sell-off is being witnessed as investors lose interest in the crypto sphere. Amid the crash, exchanges have halted crypto transactions. Here we list all the exchanges that have stopped crypto transactions.

Celsius Network

Celsius Network, a decentralized finance company, announced on Sunday that it will freeze all crypto transactions citing “extreme market conditions.” After the close, a huge sell-off was witnessed, where all cryptocurrencies crashed. “We are taking this necessary action … to stabilize liquidity and operations while taking steps to preserve and protect assets,” the company said in a blog post. “In addition, customers will continue to rack up rewards during the break in line with our commitment to our customers.”

It should be noted that Celsius Network is playing a significant role in the DeFi space. It is a crypto lending platform where users can lend their cryptos. In return, the company rewards them with an interest in depositing their coins. The DeFi platform raised $750 million in funding at the end of last year.

according to a report Per Reuters, as of May 17, the company had processed loans worth $8.2 billion and had assets of $11.8 billion, according to its website. He said in August of last year that he had more than $20 billion in assets.

Binance

Cryptocurrency exchange Binance said on Monday that it was freezing Bitcoin withdrawals “due to a stuck transaction that caused a delay.”

Changpeng Zhao, CEO of Binance, tweeted that the fix would only take 30 minutes, but later said that the issue would “take a bit longer to fix than his initial estimate.”

“Our team worked diligently to implement a fix and we have now resumed withdrawals on the Bitcoin network,” Binance said in a statement. “There may still be some transactions that appear to be ‘pending’, however we are working to address those few remaining issues so that users can resubmit their withdrawal request.”

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