🔴Panic Hits Crypto Market

Celsius pauses withdrawals, a crypto hedge fund faces insolvency however a Financial institution of America survey reveals crypto curiosity continues to be sturdy. These tales and extra this week in crypto.

Celsius Pauses Withdrawals

Crypto lending platform, Celsius, announced that it had paused all withdrawals, swaps, and transfers between accounts, blaming “excessive market situations.” Whereas buyers had been with out entry to their cash, the platform’s native token, CEL, dropped 70% in worth inside an hour of the announcement, triggering one other wave of panic throughout the crypto market.

Crypto Hedge Fund Received Liquidated

One of many largest digital foreign money hedge funds, Three Arrows Capital (3AC), may be facing insolvency after a liquidation totaling greater than $400 million attributable to latest market occasions. The Dubai-based funding agency was liquidated by crypto lending corporations and is exploring totally different choices to deal with its challenges, together with asset gross sales or being rescued by one other agency.

US Crypto Companies Chopping Workers

Two of the most important US crypto corporations, Coinbase and Blockfi, have announced they’re shedding practically 20% of their staffs. Coinbase CEO Brian Armstrong admitted rising too shortly throughout the bull market. In the meantime, Binance is  hiring, with CEO CZ seeing this second in time as a possibility to achieve entry to a few of the trade’s greatest expertise.

Elon Musk Sued for Dogecoin Promotion

A disgruntled investor is seeking a whopping $258 billion in damages from Elon Musk for his promotion of Dogecoin. Keith Johnson’s lawsuit has been introduced agai nst Elon Musk for the alleged participation in a pyramid scheme that aimed to inflate the value of Dogecoin, claiming the “defendants deceptively alleged that Dogecoin is a reliable funding when it has no worth in any respect”.

Moneygram Launches USDC Crypto-to-Money Program

US-based remittance agency, Moneygram has announced the mixing of the stablecoin USDC for its crypto-to-cash program. This system allows clients to change USDC for fiat currencies by utilizing the Moneygram app to rearrange an change at any Moneygram department in Canada or the US to obtain the money.

Circle Points EUR backed Stablecoin

The issuer of USDC, Circle, has announced that it will likely be issuing a second stablecoin, the Euro Coin to allow seamless switch of euro liquidity on-chain. Formally launching on June 30th on Ethereum, with different platforms to comply with, Euro Coin will probably be pegged 1:1 to the Euro and will probably be backed by euro-dominated reserves.

BoA Report Reveals Crypto Curiosity Nonetheless Sturdy

A Financial institution of America report released recently reveals that client curiosity in crypto continues to be sturdy. A survey of 1000 current and potential customers of crypto exchanges discovered that over the subsequent six months, 91% of respondents meant to purchase crypto whereas 30% stated they haven’t any plans to promote any of their crypto holdings over the identical interval.

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