Celsius pauses withdrawals, a crypto hedge fund faces insolvency however a Financial institution of America survey exhibits crypto curiosity remains to be robust. 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 circumstances.” Whereas traders 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 Obtained Liquidated
One of many largest digital forex hedge funds, Three Arrows Capital (3AC), may be facing insolvency after a liquidation totaling greater than $400 million brought on by latest market occasions. The Dubai-based funding agency was liquidated by crypto lending companies and is exploring completely different choices to deal with its challenges, together with asset gross sales or being rescued by one other agency.
US Crypto Corporations Chopping Workers
Two of the most important US crypto companies, Coinbase and Blockfi, have announced they’re shedding almost 20% of their staffs. Coinbase CEO Brian Armstrong admitted rising too shortly through the bull market. In the meantime, Binance is hiring, with CEO CZ seeing this second in time as a possibility to realize entry to among 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 official funding when it has no worth in any respect”.
Moneygram Launches USDC Crypto-to-Money Program
US-based remittance agency, Moneygram has announced the combination of the stablecoin USDC for its crypto-to-cash program. This system allows clients to change USDC for fiat currencies through the use of 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 thirtieth on Ethereum, with different platforms to comply with, Euro Coin can be pegged 1:1 to the Euro and can be backed by euro-dominated reserves.
BoA Report Reveals Crypto Curiosity Nonetheless Sturdy
A Financial institution of America report released recently exhibits that client curiosity in crypto remains to be robust. A survey of 1000 current and potential customers of crypto exchanges discovered that over the subsequent six months, 91% of respondents supposed to purchase crypto whereas 30% mentioned they don’t have any plans to promote any of their crypto holdings over the identical interval.
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