CEL has dropped 53.1% over the past 24 hours and was trading at US$0.20, at press time, according to CoinGecko.
- Crypto staking and lending platform Celsius Network paused user withdrawals, swaps, and transfers on Monday, citing “extreme market conditions,” driving its native token to shed more than half of its value.
- The lending platform withdrew 50,000 Ether and 7,000 WBTC from its Aave position in their core DeFi wallet, according to blockchain security firm PeckShield.
- Celsius reportedly transferred US$320 million in digital assets to crypto exchange FTX before halting user withdrawals.
- The crypto market started to nosedive on Friday after the U.S. announced an 8.6% jump in its consumer price index from last May.
- Bitcoin prices dropped by more than 12% on Monday to trade below US$24,000 for the first time since December 2020, and cryptocurrency market capitalization was valued at just over US$1 trillion on CoinGecko, while it was measured below the mark on CoinMarketCap.
- The cryptocurrency market was worth more than US$1.9 trillion on May 5, before the Terra-LUNA crash, according to data from CoinGecko.