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Crypto Playpen: An Exchange Platform Suspended All Trading and the Market Is on Alert

Celsius, one of the most important cryptocurrency exchanges in the world, announced the suspension of all withdrawals on its platform indefinitely under the argument of “protecting its community”.

“Celsius is pausing all withdrawals, exchanges, and transfers on its platform,” they recently shared on Twitter. “We are acting with the interest of our community in mind,” they added in the official statement.

The statement also details that the company’s operations will continue to be active and that regular updates of the situation will be made, although the only publication since then does not give security of what will happen with the money deposited on the platform.

The causes of the crisis

Celsius’s announcement coincides with a recent cryptocurrency market crash —where Bitcoin approached its psychological support of US$20,000—, while some specialists attribute the fall to this situation.

The company’s latest statement does not generate peace of mind, since it ensures that “they are working to fix issues as quickly as possible and will communicate this when appropriate“.

Meanwhile, thousands of users on social networks demand the possibility of withdrawing their investments in the midst of a bear market that does not seem to let up. “We are acting with the interest of our community in mind“, they insist from the company.

The landscape of the crypto ecosystem

Despite the pessimistic situation in Bitcoin (which is also replicated in Ethereum), the rest of the cryptocurrencies show signs of stabilization after yesterday’s sharp drop.

This is how the cryptocurrency market opened today

The best case is that of Cardano (ADA), which rose 10.6% in the last 24 hours to leave its price at $0.5, while Solana (SOL) also made a quick recovery by rising 9 % on the last day and leave its price at US$ 29.

As for the rest of the quotes, the prices varied as follows: XRP (XRP) traded at US$0.31 (1.1% up); Dogecoin (DOGE), $0.5 (3% down) and Binance Coin (BNB), $220 (0.19% up).

RIPE- The Chronicler



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