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An industry spread selloff in digital assets from significant exchanges and the fall of highly rated tokens like TerraUSD and Luna have triggered ripple effects across the crypto industry.<\/strong><\/p>\n The recent mass crypto liquidation wave has triggered fear of contagion risks. Major DeFi lenders Celsius Network and Babel Finance froze withdrawals, and Three Arrows Capital, a major crypto hedge fund, is facing liquidity troubles that have rattled investors.<\/span><\/p>\n Bitcoin plummeted<\/span> below $21,000 on Tuesday, extending severe drops from the previous day and sliding deeper into 18-month lows. According to reports from CoinMarketCap, the combined value of all digital tokens fell <\/span>below $1 trillion<\/span> in early 2021.<\/span><\/p>\n “Events like the peg break of the UST last month may recur,” analysts from bear markets revealed.<\/span><\/p>\n Crypto Physical Futures exchange CoinFlex <\/span>stated<\/span> it had halted all withdrawals from its platform, citing “extreme market conditions” from last week and “looming uncertainty surrounding a counterparty.” The company claimed that Three Arrows Capital or any other lending company is not the counterparty.<\/span><\/p>\n Voyager Digital Ltd., a cryptocurrency brokerage and exchange, is capping customer withdrawals from its platform at $10,000 and 20 transactions per day.<\/span><\/p>\n The New York-based company disclosed the limits on its website after securing $485 million in credit lines from Alameda Research in the previous week to strengthen safety for customer assets.<\/span><\/p>\n A cryptocurrency lender called Nexo <\/span>announced that<\/span> it had enlisted Citigroup Inc. to provide advice on potential acquisitions. Nexo has positioned itself as immune to the storms roiling decentralized finance.<\/span><\/p>\n In a blog post from June 22, the lender stated that it was looking for “best-in-class guidance” from the bank, including on “liquidity restructuring arrangements.”<\/span><\/p>\n Celsius has <\/span>received<\/span> an unsolicited bid to buy its assets in response to rumors of freezing investor withdrawals. Staked ether, a variation of the ether cryptocurrency that offers users rewards on their deposits, is one of Celsius’s well-known assets in the DeFi market.<\/span><\/p>\nLooming Crypto Winter has Triggered Mass Fears<\/b><\/h2>\n
Exchanges are Limiting or Halting Withdrawals<\/b><\/h2>\n
Voyager In Debt Turmoil<\/b><\/h2>\n