Extreme Volatility In Cryptocurrency Market Did Not Affect Celsius Network, Say Executives

The consequence of the prevailing volatility across the market of cryptocurrency has not meaningfully influenced Celsius Network, as per its management. Apparently, in reaction to a presently-removed post from a Twitter consumer named David Belle asserting that the venue had been thoroughly beaten, it was noted in a message from Alex Mashinsky (the CEO of Celsius) – that was sent to above 172,000 followers thereof on Twitter – that the entirety of the funds was secure and the venue was persistent in doing its business.

Mashinsky admitted that the severe market volatility at present is influencing the projects taking into account LUNA (Terra) and UST (TerraUSD) stablecoins. The price of LUNA has plunged to above 93% in the recent 24 hours touching $2.18 at present after substantial trading, with a drop witnessed in the price of UST from 40% to just $0.55.

Do Kwon (the co-founder of Terra) suggested a recovery strategy, and later mentioned that he assisted community proposals in dealing with the enhancement in the minting capability of the program. Nonetheless, it was told by Mashinsky that the venue had not participated in any of the Luna bailouts while struggling to secure the project.  Their foremost importance would be given to guaranteeing that the entirety of the digital assets on their venue remain secure as well as safe, as stated by the chief financial officer of Celsius, Rod Bolger.

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He added that their front office groups additionally consider as well as operate being risk managers to confirm that they are not unprotected to any significant extent during the market swings. The liquidity status thereof is still substantially strong. The uncertainty that is spread throughout the de-pegging of the UST from the U.S. dollar has to a large scale influenced the price of the prominent exchanges of cryptocurrency taking into account ETH (Ether) and BTC (Bitcoin). Both the mentioned cryptos had witnessed a plunge of up to 21% during the previous week.

Binance, which is known to be one of the high-rated crypto exchanges throughout the globe, has additionally put a stop to the withdrawals of UST as well as LUNA this Monday while referring to the network congestion to be the chief reason in this respect. On this, a mixed response has been shown by the community, with some considering it to be a centralized approach.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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