What happened to Celsius bitcoin?

The revelation of Celsius halting withdrawals exacerbated the bearish market conditions in mid-June, briefly sending bitcoin’s price below $20,000. With the Celsius saga unfolding, many questions have spurred about the project, management, and the events surrounding the network over the last couple of weeks. What is Celsius?

What is Celsius Network?

The Celsius Network is one of the largest crypto lending platforms. Similar to a bank, members can deposit cryptocurrencies in exchange for an interest payment, or take out "crypto collateralized loans".

Is Celsius a leader in crypto lending?

CNBC described Celsius as "oone of the largest players in the crypto lending space" in the second quarter of 2022. The company had issued loans totaling more than $8 billion, and as of May, it had almost $12 billion in assets under management.

Who can borrow through the Celsius platform?

There are a few types of users who may wish to borrow through the Celsius platform. General Users – Users who deposit crypto on the Celsius Network and using the funds as collateral to receive a loan. Traders – Accredited investors (or SEC registered funds) who borrow capital from Celsius lending pools to trade.