Celsius Network Hits the Pause Button on Crypto Withdrawals
In a move that’s rattled the crypto community, Celsius Network announced on Monday that it will temporarily stop all withdrawals and transfers between accounts amid “extreme market conditions.”
Why the sudden halt?
Money’s flying out of crypto deals faster than a hot potato. Celsius said the pause is a “necessary action” to stabilise liquidity and keep operations running smoothly while it works to protect users’ assets.
What’s happening to the market?
- Bitcoin: Fell more than 6% after the announcement, sliding down to a 18‑month low of about $24,888 (S$34,614).
- Ether: Dropped over 8%, landing at $1,311 – its lowest point since March 2021.
- Other risk‑tolerant assets are catching a similar sting, as global interest rates creep up.
Staying on track
Even while withdrawals are frozen, Celsius assures customers that rewards will keep rolling in. The company’s commitment to its users remains unshaken, even as it tackles turbulence.
Who’s Celsius and why the big deal?
Celsius Network is a heavyweight in crypto lending. With $750 million raised last year, it lets people earn interest on deposits and lends out crypto to generate returns.
Regulatory pressure in the US
The U.S. regulators are keeping a close eye on the sector, especially after the high‑profile collapse of the stablecoin TerraUSD, which broke its dollar peg last month and sent shockwaves through the industry.
With markets coasting into a downturn, Celsius’s pause might not be a one‑off—more hits like this could come as the crypto ecosystem continues to brace for rollback.
