Celsius Network Melts Down The Crypto Market

Celsius Network

When the Celsius network announced that all withdrawals and transfers to and from their accounts would be halted, it sent shockwaves through the cryptocurrency community. The announcement was made so quickly following the crash report made it a much more pressing matter than it had been previously.

The CEL has stated that they are working tirelessly to resolve these issues as quickly as possible, but in the meantime, investors have been left with little choice but to wait. Many investors have already begun selling their cryptocurrencies due to concerns about future stability. As a result of this news, market fears have grown more intense, leading to a sharp decline in the value of Bitcoin (BTC).

Celsius Network announced Monday that it would no longer support any withdrawals, swaps, and transfers between users’ accounts. The announcement came in a tweet:

“Due to the current state of liquidity and operations, we have decided to lock down the entire platform until further notice. Please be assured that your funds are safe,” they said.

Also Read: Cryptocurrency Credit Cards Are Becoming A New Trend

This move is to stabilize the liquidity and operations while preserving and securing assets for the community. As a result of the pressure from authorities, Celsius Network ceased offering interest-bearing accounts to investors who did not meet the criteria for accreditation. Celsius Network was the target of formal complaints from Alabama, New Jersey, and Texas governments because the company practiced selling unregistered securities to its customers.

The company’s shutdown of all operations has caused a major hit to the market, with the cryptocurrency crash having a significant effect on the overall market value, falling below $1 trillion.

As a result, billions of dollars are trapped within the network and waiting to be withdrawn by users. Unfortunately, due to this crash, many people cannot withdraw their funds.

The corporation did not explain why they are facing financial concerns. This may be due to the company’s investments in Staked Ethereum.
A smart contract known as Staked Ethereum allows customers to lock their Ethereum holdings in return for interest payments temporarily. This might be problematic given that the price of Staked Ethereum has been moving up and down recently, which may cause Celsius’ liquidity issues.

Also Read: Do Kwon Refutes Claims Of Withdrawing 2.7B Over 3 Years

According to Marcus Sotiriou, an analyst at GlobalBlock, Celsius now has around $1.5 billion worth of Staked Ethereum in its possession. However, Celsius said there was nothing to worry about because investors will gain interest continuously on their deposits though they cannot withdraw currently.

Bitcoin Value Falls Below $24,000
As a result of this news, BTC has fallen below $24k for the first time since December 2018. The decrease represents a 13% drop over the past month alone and points to a growing trend toward volatility among cryptocurrency markets.

What is Celsius Network?

Celsius is a decentralized financial services provider (Defi) that offers loans, savings accounts, and money markets. It is most known for providing high APYs on cryptocurrency deposits, which range from 5% to 18%.

Since its first establishment in 2019, the firm has extended more than $8 billion in loans. The most recent investment round for the firm took place in November 2021, when it received 350 million dollars from a group of investors.

Celsius operates using Ethereum smart contracts, which allow it to provide its services without requiring an intermediary or third party to hold assets. It also allows the company to provide more transparency about how users handle and use funds.

It launched in late 2019 and has since grown to 1.7 million users and $11.7 billion in assets under management (AUM). The company has made over $8 billion in loans and offers high APYs of up to 18% on cryptocurrency deposits.

Cryptocurrency Credit Cards Are Becoming A New Trend

Cryptocurrency Credit Cards

The popularity of cryptocurrencies has soared in recent years, and it seems like there is no stopping. The crypto businesses are now leaping towards the Cryptocurrency credit cards. People who invest in cryptocurrencies want to be able to spend their money as they please, and they want to be able to do so without having to convert their cryptocurrency into traditional currency.

This is where cryptocurrency credit cards come into play. When making purchases, you may use these cards to convert your cryptocurrency holdings into fiat currency, but you will still have the peace of mind of knowing that your money is being kept by a conventional financial institution or a credit card business.

Let’s learning more about cryptocurrency credit cards, read through the article below!

Cryptocurrency Credit Cards sample card

Before cryptocurrencies may be used by the general public, one of the most important challenges that must be overcome is security. The problem with cryptocurrency is that it is not backed by anything tangible, so it does not have any intrinsic value like gold or silver do. This means that there isn’t really a way to guarantee its authenticity or safety when using it for transactions online.

Cryptocurrency Credit Cards function just like regular bank credit cards but are linked directly to your digital currency instead of physical currency like notes and coins. This gives you all the benefits of having a credit card without worrying about counterfeiting or theft because everything is digital!

Also Read: Do Kwon Refutes Claims Of Withdrawing 2.7B Over 3 Years

Rewards On Cryptocurrency Credit Cards

If you’re looking for a way to earn rewards for using your cryptocurrency, you’ll want to look into getting a crypto credit card.

A crypto credit card is a type of credit card that allows you to earn rewards in the form of cryptocurrency while you make purchases with it. You’ll get 3% back on all purchases made with the Gemini Credit Card and 1.5% back on all purchases made with the Blockfi credit card.

As long as you have a stable internet connection and a smartphone, you can use these cards just like any other credit card—just add your information and start shopping!

How To Get A Crypto Credit Card?

If you are interested in getting a cryptocurrency credit card, the first thing you should do is to find a business that participates in bitcoin exchanges. This can be done by going to the company’s website and looking for a section called “support” or “help. The site should also have an email address or phone number where you can reach someone with questions about their services.

Also Read: Top 7 Crypto Signal Providers For Maximizing Profits

The next step is to fill out an application form that includes basic information such as your name, address and social security number. You will also be required to submit evidence of your identification, such as a copy of your driver’s licence or the number of your passport.

After your application has been reviewed and accepted, your new cryptocurrency credit card will be sent to you through mail within no more than seven business days at the very maximum. If there is any problem with this process then contact customer service immediately so they can help resolve any issues with their system or staff members before moving forward with their plans for obtaining a new crypto credit card today!

Value

The value of the underlying cryptocurrency may have an effect on the value of the reward points that can be earned on bitcoin credit cards. When the value of the underlying cryptocurrency rises, your reward points will be worth more. However, when it falls, so will your reward points. This is a lot like the stock market, where the value of the stock goes up when the stock price goes up, and it goes down when the stock price goes down.

Also Read: Global Bitcoin Adoption Could Rise 10% By 2030

Do Kwon Refutes Claims Of Withdrawing 2.7B Over 3 Years

do kwon

It has been reported that Terra (LUNA) and TerraUSD (UST) CEO and co-founder Do Kwon has refuted claims that the corporation has been withdrawing $80 million every month for almost three years. This denial was made in a statement provided by Terra (LUNA) and TerraUSD (UST).

On Saturday, numerous unconfirmed reports surfaced claiming that Kwon participated in draining liquidity out of Luna Classic (LUNC) and TerraUSD Classic (USTC) before the crash to purchase the United States dollar-pegged stablecoins such as Tether.

According to the statement released by Kwon, these harmful rumors are wholly untrue and have no foundation in reality. He added that his team was working hard on creating innovative products for the blockchain industry.

Also Read: Top 7 Crypto Signal Providers For Maximizing Profits

Do Kwon is accused of withdrawing $2.7 billion over three years using Degenbox, the ideal mechanism to transfer liquidity from the LUNA and UST system into hard money such as USDT. Kwon used Degenbox to drain funds without being noticed by the community.

The founder of the LUNA cryptocurrency was quick to dismiss rumors that he had recently cashed out $2.7 billion. Kwon also urged cryptocurrency community members to refrain from spreading the story until it could be verified as accurate: “The notion that I took out $2.7 billion from anything is without a doubt incorrect,” he said. “This ought to be evident.”

Kwon has also stressed that the sole source of revenue he has received from TerraForm Labs over the previous two years has been cash compensation (TFL). Kwon provided this information to the community in an attempt to dispel rumors and lies spread by other parties.

Also Read: Global Bitcoin Adoption Could Rise 10% By 2030

In this context, Kwon pointed out that spreading false information harms LUNA investors and contributes to their suffering.

“I didn’t say much because I didn’t want to give the impression that I was playing the victim, but I lost the most of what I had in the collision. I’m sure you’ve heard me say this before, but the truth is that I don’t give a damn about money.” Kwon said in this context.

The founder of Terra, Kwon, is currently being questioned by South Korean lawmakers about alleged corruption. The allegation states that Kwon adjusted the interest rate for his benefit.

According to Mr. B from Anchor Protocol, a Terra-centric sub-ecosystem, the platform was initially planned only to provide an interest rate of 3.6 percent for the sake of maintaining the stability of the Terra ecosystem; however, this was adjusted to 20 percent soon before the release:

“I developed it, so I should have known it would fail from the beginning, but it failed.” Said Do Kwon.

According to the allegations, the developer proposed to Kwon that the interest rates be lowered; nevertheless, Kwon declined the proposal. The lawmaker who will be questioning Do Kwon has been asked to testify about the issue in a legislative hearing that will take place in South Korea.

Top 7 Crypto Signal Providers For Maximizing Profits

crypto signal providers

Since the beginning of this decade, the market for cryptocurrencies has seen unfathomable rates of expansion. The market is valued at around $200 billion, and it is expected to grow substantially in the coming years.

In light of this, many cryptocurrency traders have turned to trade signals to maximise their investment returns. These trading signals assist traders in identifying the most profitable market trends and maximise their investment returns. This article will look at the ten best trading signal providers for cryptocurrencies in 2022.

Let us get started!

CoinSmart

CoinSmart is an online trading platform for cryptocurrencies that provides users with a range of payment alternatives for manually acquiring bitcoin. CoinSmart was founded in 2014. It’s compatible with mobile platforms such as iOS and Android and supports online trading platforms. Users can access support for the online platform as well as the app.

Crypto Alarm

Crypto Alarm is a leading source of bitcoin trading signals through telegram. The industry professionals that make up this platform have gained a reputation for providing in-depth analysis of crypto assets, enabling traders to rake in enormous gains.

The fact that Crypto Alarm offers help around the clock is an intriguing aspect to consider. The industry professionals that make up this platform have gained a reputation for providing in-depth analysis of crypto assets, enabling traders to rake in enormous gains.

Also Read: Global Bitcoin Adoption Could Rise 10% By 2030

Crypto.com

Crypto.com is a unique bitcoin trading platform that offers a wide range of products and services. It is one of the few platforms that allows users to trade over 250 different cryptocurrencies with margins of up to 10 times their initial investment.

One of the most noteworthy aspects is that it also provides access to third-party trading signals provided by reputable sources. The data from the bitcoin market and a reliable FA are used to do this. In addition, customers have access to knowledgeable customer care representatives who can assist them with any concerns or inquiries they may have about their accounts at any time.

BeinCrypto

BeinCrypto has devised this cryptocurrency trading signal group for its clients. BeinCrypto the fact that the signals are distributed free of charge, the trading ideas have been thoroughly investigated. The data from the bitcoin market and a reliable FA are used to do this. Additionally, the users are provided with access to expert customer service.

The signals are sent on Telegram, Twitter and Discord platforms in real-time. The signals are also distributed via email or SMS if requested by traders. The company has developed a broad array of automated strategies its users can access for free on its website.

BeinCrypto offers many other services, including crypto CFDs trading, mobile app development and website design & development services at competitive prices.

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Fat Pig Signal

The Fat Pig Signal is a cryptocurrency trading signal provider that has been gaining popularity over the past few months. It’s one of the top 10 cryptocurrency trading signal providers of 2022. It’s easy to see why: unlike other signal providers, which provide random trades and hope that they’ll be profitable, the Fat Pig Signal uses in-depth analysis of cryptocurrencies’ market data, book order analysis, short-term volume movements, news, updates, and other relevant factors to provide you with consistent market updates.

4C Trading

4C Trading Signal is one of the top 10 cryptocurrency trading signal providers of 2022, even though it is still a relatively young participant in the industry. The reason for this is the company’s really good feedback. If you need signals to trade futures on the Binance and FTX exchanges, mostly using API keys, then the “4C trading signal” platform is just what you are looking for.

You can use the 4C Trading Signal to get alerts about important market events. The platform provides several different ways to receive signals: via email or push notifications. You can also get instant alerts from your phone or tablet and access them anytime.

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Learn2Trade

Learn2Trade is well recognised for its work in the foreign exchange market, but it also offers crypto signals. What could be more impressive than that the service is validated by licenced forex brokers such as Etoro, Alvexo, and Markets.com? It is impossible to ignore the fact that the indications are offered by traders with more than 15 years of expertise each, which is something that just cannot be ignored.

Global Bitcoin Adoption Could Rise 10% By 2030

Global Bitcoin Adoption

A new assessment suggests that by 2030, the global Bitcoin adoption will have increased by more than 10 percent. This pace of acceptance is probably going to be quicker than the adoption of prior new technology like automobiles and electric power.

Blackware Intelligence stated in a report published on Wednesday that it arrived at this forecast by analyzing historical adoption curves for nine previous disruptive technologies, such as automobiles, electric power, smartphones, the internet, and social media, in addition to the growth rate of Bitcoin adoption since 2009:

“Every disruptive technology follows a similar exponential S-curve pattern,” yet “newer network-based technologies continue to be adopted quicker than the market anticipated,” the article states.

Therefore, the research arrived at its projection by using the average and weighted average of past technology adoption curves and the growth rate of Bitcoin adoption.

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It was said that using a measure called Cumulative Sum of Net Entities Growth and Bitcoin’s expected “CAGR of 60 percent, we estimate that worldwide Bitcoin adoption would break over 10 percent in the year 2030.” This prediction was based on the fact that Bitcoin’s predicted CAGR was calculated.

global bitcoin adoption chart

As Blockware Intelligence is the research section of Blockware Solutions, a company specializing in Bitcoin mining and blockchain infrastructure, you would think that it would have a favorable stance on adoption because Blockware Solutions is the parent company.

Given the direct monetary incentives to adopt, the current macro-environment, and the fact that the internet will accelerate adoption growth, the intelligence unit stated that it expects Bitcoin adoption to reach saturation quicker than many other disruptive technologies. This is because the internet will accelerate Bitcoin adoption growth.

As per the study’s findings, “From a consumer’s point of view, previous innovations offered convenience-related incentives to embrace them. For example, adopting vehicles allowed you to whiz past the horse and carriage; adopting the cell phone allowed you to make calls without being connected to a landline.”

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When it comes to Bitcoin, direct financial incentives for adoption establish a game theory in which the ideal reaction for everyone is to embrace Bitcoin.

The term for this phenomenon is the “network effect,” which applies to technologies such as the internet, cellphones, and social media. Bitcoin, like many other technologies, also experiences this phenomenon.

“For example, if you were the only person using Twitter, would the platform still have any value? The answer is no. The more people who utilize these technologies, the more valuable they become.

However, the authors of the Blackware report emphasized that the model used to predict the adoption rate was only conceptual at this stage. They also stated that the model is not intended to be used as investment advice nor as a short-term trading tool and that it would continue to be refined.

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It is abundantly evident that the general trend will continue; there is a reasonable likelihood that the worldwide popularity of Bitcoin will considerably increase in the future, and as a result, so will its price.

Several crypto investors and experts, including executives from Ark Invest, Arcane Assets, AMDAX Asset Management, and M31 Capital, examined the study and model before it was published.

The use of cryptocurrencies has seen explosive growth over the last several years. According to statistics provided by TripleA, a global cryptocurrency payment gateway, the average percentage of people worldwide who owned cryptocurrencies in 2021 reached 3.9 percent, and there were more than 300 million people using cryptocurrencies throughout the globe.

Chainalysis, a blockchain analytics platform, reported late last year that between July 2020 and June 2021, there was an increase of 881 percent in the worldwide adoption of Bitcoin and other cryptocurrencies. It was discovered that Vietnam had the most significant adoption of cryptocurrencies, ranking first out of the 154 nations that were evaluated, followed by India and Pakistan.

In a survey carried out in April by the cryptocurrency exchange Gemini, it was discovered that the adoption of cryptocurrencies skyrocketed in 2021 in countries such as India, Brazil, and Hong Kong. More than half of respondents from its 20 countries polled stated that they began investing in cryptocurrencies in 2021.