Many experts around the world certainly believe that crypto winter, a phase where in the crypto market is at lowest is surely going to come in the near future. The major reasons for the market crash were the plummeting of Terra’s stable coin UST and its sister token Luna, the Russia-Ukraine war and the talks of recessions in US.
The recent developments from the crypto market states that crypto winter would merely be a trailer and the actual film which is called as a Crypto Hell might be on the cards. The continuous plummeting of bitcoins and the value to breach the mark of $20,000 dollars, the consistent halt in the hiring by crypto exchanges and the freezing of customer accounts by crypto trading platforms are all hinting towards an unwanted scenario which is likely to affect the crypto market big time.
Celsius accounts frozen in the latest update.
Withdrawals have been halted at Celsius Network, a prominent crypto lender with more than $11 billion in deposits. On Friday, June 10, CEO Alex Mashinsky stated publicly, “Celsius has billions in liquidity.”
Celsius recently remarked that they are getting anxious about the holdings that are currently trapped on their platform. The reactions from users are adding more pressure to the company to say the least. One user went on to claim that he has $105,000 worth of crypto stuck in the trading platform. Another user exclaimed that he has lost two years of his life savings in the market.
Even bitcoin is not being able to rescue the market from the staggering bear, as the value has also reached its all-time low since December 2020. This slump has contributed in dragging the entire market down to a value lower than $1 Trillion, which happens to be the lowest value since February 2021.
Banks run Celsius accounts frozen.
Picture Credits: Reuters
In a tradition scenario, when a bank fails, a swat team of regulators barge in, winding it down in secret, and try to prevent panic to spread around the financial market. But, unfortunately in cryptocurrency market, the destruction happens publicly and there is no SWAT team available to keep the markets calm.
Writer’s report.
It won’t be wrong to say that, crypto market is in one of its worst phases of the year. It seems as if the market won’t be able to revive on its own until an external factor powerful enough channelizes the market in a more performance-oriented way and helps the market revive back.
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