The “playpen” of a cryptocurrency platform that caused the value of bitcoin to plummet

  • Cristina J. Orgaz @cjorgaz
  • BBC News World

5 hours

image source, Getty Images

Caption,

Bitcoin accumulates a 50% drop so far this year.

Buy, borrow and exchange cryptocurrencies with high percentages of profitability.

Those are the services offered by the Celsius platform, one of the largest lenders in digital currencies and a key player in the world of decentralized finance.

The firm decided on Sunday to protect itself from “extreme market conditions” freezendo the accounts of its 1.7 million users.

That decision, which was described as a “corralito” by experts in cryptocurrencies -in reference to the restriction of cash withdrawal from banks in Argentina in 2001- made the price of bitcoin and ethereum, the two largest virtual currencies by market value, will plummet on Monday, continuing a worrying downward trend.

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