Celsius Network Pauses Bitcoin, Crypto Withdrawals

  • Bitcoin is down 67% from its all time high of $69,000.
  • Intensifying market fears amid heightened levels of inflation paired failing institutions are driving price action.
  • Celsius Network paused all withdrawals, swaps and transfers from its cryptocurrency exchange.

Bitcoin fell below $23,000 today in a new 52-week low during early trading hours representing a 67% downturn from the all-time high of $69,000 causing panic across the broader market. What happened?

Earlier this year, Terraform Labs, the startup team behind the Terra ecosystem and the USDT Stablecoin, announced it would acquire $10 billion worth of bitcoin to back its stablecoin reserves. This effort quickly failed and bitcoin was dumped onto the market while participants of the Terra ecosystem watched their wealth disappear.