Celsius - DEFI Lending Platform, Halting Most Operations, Due To Liquidity Issues
Hey Everyone,
It's been a bloody crypto Sunday, and worse for some than others, several liquidity issues are cropping up amongst various crypto platforms, with the most notable being Celsius.
About 4 hours ago, Celsius tweeted the following notice to it's customers.
"Celsius Network is pausing all withdrawals, Swap, and Transfers between accounts."
As of this writing the price is currently .1946 having lost over 50 percent of it's value today.
The year to date chart is painful!
As if the idea of another large crypto project failing right after Luna, there is even more bad news in this situation.
This Article stats that Celsius impacts a broad spectrum of crypto projects including owing money to Tether and being held by one of Canada's larges pension fund.
How will jumpy crypto investors take the Celsius news, as many are still enjoying the weekend, in other time zones this bad news will hit early Monday Morning.
Currently Bitcoin is trading at $$25,388.527 down 7% and ETH is Holding above $1,200 at $1333.07
The Bitcoin Crypto Fear and Greed rating is currently at 11, Extreme Fear. The lowest I have ever seen it is 8.
Just as with the Luna crash, the entire market is currently feeling the pain of another major project having trouble.
There are other platforms also experiencing Liquidity problems, but none as big as Celsius.
No idea, if tomorrow bring more problems and sell offs, or if we see a recovery, all bear drops end in a swift and pain dump, so maybe we are close to a bottom for now, but who knows.
Tell me your thoughts in the comments.
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Should have used Fahrenheit...
Lmao
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Kelvin is the standard ... take a look at SI duh
You have a point.
🤓 lol, or anything else really!
I withdrew everything out of Celcius when the terra luna thing happened. Now I am really glad that I did. Not your keys = Not your wallet or money.
WOW! Nice job. I was never in it, but I'm sure glad you got on and JUST on time.
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Not your keys, not your crypto!
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These sell offs are for sure kicking out the bad eggs in the industry. Promising high APRs is not sustainable on any level and people got seriously greedy. This quick correction will send shockwaves but it will finally get us to ground level again so we can rebuild with legitimate projects.
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End of BullSeason was crazy, defi, nfts, high interest, airdrops.. WEEEEEEEEEEEEEEE
But there is always a time to find out what projects are serious and can be sustained.
Like nature, finance has a funny way of killing the weak.
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Yep exactly the cycle of business and really all things.
If one still doesn’t believe we are in the bear, one’s beyond salvation.
Much Bear!
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Situations like this one are another lesson for the avid profit seekers who refuse to take custody instead of using such platforms. BTC to $22k soon...
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Totally true bro, since the best thing to do is to have the power on your own.
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Yeah, things are so messy all sorts of painful lessons being learn. Yikes.
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!gif buy the dip
Thanks for the info.
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Via Tenor
I hope the problem with Celsius will be solved and investors will withdraw their funds.
Celsius is a centralized landing platform I suppose. Decentralized ones are more transparent and our funds are in our control. I am more than happy to use AAVE.
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As long as they don't come out after there has been a hack, because when things like that happen that phrase becomes common.
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Yeah, hopefully they sort it out.
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It looks like they are working on it.
Celsius is in trouble! Basically, "smart money" wants to do what they did to USDN and UST before. stETH issue, Alameda FUD, and decreasing credibility of the platform are too strong to destroy the repetition of the company.
I hope no single investor is hurt because of the terrible operations by Celsius.
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Well Sadly, it looks like a lot of investors are going to get hurt, and we don't know how far the ripple/after shocks go.
Crazy times.
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Well luna teaches us that they can be beyond the ground.
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We'll see, I don't know that much about them.
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Some relatively big names among crypto influencers report pain this morning (10:51 UTC).
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We still have to see how would US markets react to it at this moment (UTC 10:52). We might get some sort of consolidation and perhaps little bounce later in the day.
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There is so much fear and panic that it looks like everything will go downhill even more.
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With all the Fud around the crypto space the last thing we need is another crash.
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I say rip off the bandaide break the bad projects and move forward! :) The economic gloom people are feeling can't and will not last, people adapt to new conditions. First we have to have the pain, then the healing begins.
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Yeah people move on really fast, if bitcoin were to move to 100k tomorrow everyone would forget today happened. No pain no gain I guess 😁
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These and other crypto Ponzi schemes will fall apart as the price of BTC continues to fall.
Time will tell, but they certainly are adding fear and stress to the space.
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The reality is that one thing leads to another, and this is one result.
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Therefore, all these weak projects should fail.
It looks like Nexo is offering to buy out Celsius which is providing a glimmer of hope to those with their funds locking into the Celsius platform. As bad as things look now this isn't another Terra Luna which just kept minting tokens and dumping them on the market as it spiraled down. No one stepped up to buy out Terra Luna. I'd say this is a good sign that Nexo is willing to buy them out and take over their operations while recapitalizing them.
The stock market is getting hammered and the crypto market is under a lot of pressure as well adding to the fear but this will eventually settle out and recover.
Well. I just bought some RUNE at $2. We’ll see how horrible the market will possibly get by the end of the week.
Kind regards.
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The ATOM is also at a gift price.
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I read one interesting thread that summarised the situation and basically, Celcius bit more than they could chew.
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.
Use stables to buy crypto now, who does this the other way, end up pain in the a$$.
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Have to see this as a positive as anything that is failing this test is not an investment. How fragile are these ponzi schemes and how much research have people done? The true test is now and will be an interesting watch.
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That is indeed painful, down 50% is not the chart hodlers wanted to see.
But if you look at the long term, it is an excellent opportunity, as the capital can grow that 50% when the price normalizes.
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I agree (^_^)
Recession and crypto drop, going to be interesting to see how long it takes to correct.
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Interesting indeed, can't wait to see when it starts to correct. Good evening!
I think is a good way to stabilize there liquidity
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that is the red bloody week, defi platform will colapse because their collateral assets is btc
Well, this news only adds fuel to a flame that they are trying to contain, since extreme fear is the worst enemy.
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Do you think buying CEL is good idea ?
Exactly, this is the best buying opportunity, as prices are back to where they were some time ago, many investors bought at $23K so the price will start to rise slowly.
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I'm much more of a hodler than a trader, but good luck to those who are trading this.
I do have some USD, waiting for an opportunity to buy back into Bitcoin
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HODL, buy if you can! I do have some USD That I moved for a safety net when it started to look like Bull Season was over.
I'll move it back to BTC when things stablize a little and yes, it should improve my position some.
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