Crypto Lending Platform Celsius Halts All Withdrawals – June 13

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $23,264

Bitcoin price has tumbled a massive 12.5% over the last 24 hours of trading, as fears peak regarding Celsius solvency.

Top-20 altcoins have fared even worse, as Ethereum dumps 20%, BNB drops 16% and Cardano falls 14% in a market-wide bloodbath.

Top Stories for June 13, 2022 πŸ”₯

πŸ‘‰ Crypto Lending Platform Celsius Halts All Withdrawals

Cryptocurrency lending platform Celsius has paused withdrawals for all customers, citing “extreme market conditions.” The company has also halted swap and transfer features, with no date specified for resuming any of the above functions.

The move was made just mere days after rumors began circulating more widely about Celsius facing solvency issues. Celsius’ native CEL token has fallen 50% since withdrawals were stopped.

Celsius has reportedly transferred around 104,000 ETH to crypto exchange FTX over the last three days, as well as 9,500 WBTC.

πŸ‘‰ Tron Deploys $2B To Fight Short-Sellers On TRX Price Slide

The Tron DAO reserve is deploying $2 billion to fight short-sellers on TRX, according to founder Justin Sun. The price of TRX fell almost 19% overnight, during a market-wide sell-off.

Sun continued to say a short-squeeze was coming, claiming that short-sellers would not be able to last in their positions for 24 hours. The network’s new USDD stablecoin has also faced some trouble, currently trading a couple of cents off its dollar peg, at 98 cents per token.

πŸ‘‰ Bitcoin Hash Rate Reaches Another All-Time High

The Bitcoin network has, perhaps surprisingly, reached another new all-time high in terms of hash rate, despite the continual turbulent market conditions. The new hash rate is 231.428 EH/s.

Bitcoin mining difficulty is also relatively high once again, standing at a figure of 30.283, despite a recent drop. Both figures are interesting given the current Bitcoin price, which may put a strain on mining operations.