Celsius pauses withdrawals, a crypto hedge fund faces insolvency however a Financial institution of America survey exhibits crypto curiosity continues to be robust. These tales and extra this week in crypto.
Celsius Pauses Withdrawals
Crypto lending platform, Celsius, introduced 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 Bought Liquidated
One of many largest digital foreign money hedge funds, Three Arrows Capital (3AC), could also be going through insolvency after a liquidation totaling greater than $400 million attributable to current 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 Reducing Employees
Two of the most important US crypto corporations, Coinbase and Blockfi, have introduced they’re shedding almost 20% of their staffs. Coinbase CEO Brian Armstrong admitted rising too rapidly through the bull market. In the meantime, Binance is hiring, with CEO CZ seeing this second in time as a chance to achieve entry to a number of the trade’s finest expertise.
Elon Musk Sued for Dogecoin Promotion
A disgruntled investor is looking for 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 worth of Dogecoin, claiming the “defendants deceptively alleged that Dogecoin is a reputable funding when it has no worth in any respect”.
Moneygram Launches USDC Crypto-to-Money Program
US-based remittance agency, Moneygram has introduced the mixing of the stablecoin USDC for its crypto-to-cash program. This system allows prospects to trade USDC for fiat currencies through the use of the Moneygram app to rearrange an trade at any Moneygram department in Canada or the US to obtain the money.
Circle Points EUR backed Stablecoin
The issuer of USDC, Circle, has introduced 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 observe, Euro Coin will likely be pegged 1:1 to the Euro and will likely be backed by euro-dominated reserves.
BoA Report Exhibits Crypto Curiosity Nonetheless Sturdy
A Financial institution of America report launched not too long ago exhibits that client curiosity in crypto continues 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% stated they don’t have any plans to promote any of their crypto holdings over the identical interval.
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