Bitcoin and other cryptos plunged today, Monday, June 13. Two of the biggest crypto platforms have restricted activity as the market meltdown ensues.
The Celsius network announced that “extreme market conditions” have forced it to halt any and all withdrawals for the time being. They have also restricted swaps and transfers between accounts on the platform.
“We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the company said in a blog post.
Binance, the biggest crypto exchange in the world, also restricted withdrawals on its Bitcoin network for a few hours. The company announced that the restriction was due to a number of “Stuck” transactions causing a backlog.
“We are still working to process the pending Bitcoin (BTC) network withdrawals, and this is estimated to be completed in the next couple of hours,” the company said in a statement.
Today marks a rough spot in the crypto market in recent months as the bear market continues out of the pandemic boom. High interest rates in the centralized banking system, investors have begun to withdraw from risky investments on both fronts.
BTC has lost 15% of its value in the past 24 hours. The dip here has brought the crypto market to its lowest level since December of 2020.
Celsius has not yet announced when it would be allowing transactions again, only that it would “take time.”
The government may take this as an opportunity to breach DeFi platforms, with a report coming from the US secretary of the Treasury, Janet Yellen, in the near future. “There are many risks associated with cryptocurrencies,” she said.