What You Need To Know About Celsius And Bitcoin

Summary

• Celsius Network announced early Monday morning that all user account "withdrawals, Swap, and transfers" will be paused until further notice.
• The development is invoking painful memories from the Terra/Luna collapse that is still fresh from just a month ago.
• The integrity of DeFi is brought into question once again, compounding pains for crypto investors, including those in the largest and relatively safest cryptocurrency Bitcoin.
• Bitcoin has slipped below $23,000 for the first time since 2020, invoking fears of a long, crypto winter ahead.

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Crypto lending platform Celsius Network (CEL-USD) announced Monday that it will be temporarily halting all withdrawals, Swap, and transfers between accounts" until further notice. Paired with a hotter-than-expected inflation print released Friday which has escalated recession fears, Bitcoin (

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