🔴Panic Hits Crypto Market

Celsius pauses withdrawals, a crypto hedge fund faces insolvency, but a Bank of America survey shows that interest in crypto is still strong. These stories and more this week in crypto.

Celsius pauses withdrawals

Crypto lending platform Celsius announced it had paused all withdrawals, exchanges and transfers between accounts, blaming “extreme market conditions”. Although investors did not have access to their money, the platform’s native token CEL dropped 70% in value within an hour of the announcement, causing another wave of panic in the crypto market.

Crypto hedge fund liquidated

One of the largest digital currency hedge funds, Three Arrows Capital (3AC), may be facing insolvency after a liquidation of more than $400 million caused by recent market events. The Dubai-based investment firm was liquidated by crypto-lending firms and is exploring different options to deal with its challenges, including selling assets or bailing out another company.

US crypto companies cutting staff

Two of the leading crypto companies in the US, Coinbase and Blockfi, have announced that they will lay off almost 20% of their staff. Coinbase CEO Brian Armstrong admitted it grew too quickly during the bull market. Meanwhile, Binance is hiring, and CEO CZ sees this moment as an opportunity to access some of the best talent in the industry.

Elon Musk sued to promote Dogecoin

A disgruntled investor is seeking a whopping $258 billion in damages from Elon Musk over his promotion of Dogecoin. Keith Johnson’s lawsuit has been filed against Elon Musk for alleged participation in a pyramid scheme that sought to inflate the price of Dogecoin, alleging that the “defendants falsely claimed that Dogecoin is a legitimate investment when it has none value”.

Moneygram Launches USDC Crypto-to-Cash Program

US-based remittance company Moneygram has announced the integration of stablecoin USDC for its crypto-cash program. The program allows customers to exchange USDC for fiat currencies using the Moneygram app to arrange an exchange at any Moneygram branch in Canada or the United States to receive the cash.

Circle Issues Stablecoin backed by EUR

USDC issuer Circle has announced that it will issue a second stablecoin, the Euro Coin to enable the seamless transfer of Euro liquidity to the chain. Officially launching on June 30th on Ethereum, with other platforms to follow, Euro Coin will be pegged 1:1 to the Euro and backed by Euro-dominated reserves.

The BoA report shows that interest in cryptocurrencies is still strong

A recently released Bank of America report shows that consumer interest in crypto is still strong. A survey of 1,000 current and potential users of crypto exchanges found that over the next six months, 91% of respondents intended to buy crypto, while 30% said they did not plan to sell any of their holdings cryptographic during the same period.

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