Celsius Crypto Crash

Due to 'extreme' market conditions, cryptocurrency lender Celsius Network has put a halt to all withdrawals and transfers.

The move caused the price of its digital token 'CELL' to plummet by roughly 55%, to as low as 

19 cents. The decision was made to "stabilize liquidity and operations while we take efforts to maintain 

and protect assets," according to the statement. In November of last year, Celsius was 

valued at $3.25 billion. The CEL token, according to its website, offers "real cash benefits" of up to 30% 

more weekly returns. It's unclear what caused the most recent drop. Demand for high-yielding loan 

products has dropped since Terra's bankruptcy. The once-bullish TerraUSD and sister counterpart Luna 

both lost nearly all of their value in a collapse, sending shockwaves throughout the world.

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