The new currecy is having major issues these days….
In layman’s terms, this means that people who deposited money with Celsius to reap its famously high returns can’t, for the time being, get it out. The company says it has 1.7 million users and is believed to be holding about $8 billion in deposits, which are now frozen.
No timetable was offered for when withdrawals would be restored.
The news caused the largest cryptocurrencies to plunge — bitcoin dropped 12 percent as of late Monday afternoon and ethereum plunged 13 percent. There is a feedback loop of sorts here; it was a drop of more than 10 percent for each currency in the days before the announcement that probably contributed to Celsius’s liquidity issues in the first place.
Overall, bitcoin is down 23 percent in the last five days while ethereum has plummeted 30 percent during that time; both now sit at their lowest prices in nearly 18 months. Celsius’s own coin, meanwhile, has dropped from a high of $7 last year to 21 cents…..
I smell Congres and/or the Feds saying they are gonna be snooping around…..