? Panic Hits Crypto Market

In the yearCelsius pauses withdrawals, crypto hedge fund faces losses but demand for crypto remains strong, Bank of America survey shows These stories and more this week in crypto.

Celsius stops the exits

Crypto lending platform Celsius has announced that it has suspended all withdrawals, exchanges and transfers between accounts, blaming “extremely worrying market conditions”. The platform’s native CEL plunged 70% in price within an hour of the announcement, sparking yet another wave of panic in the crypto market as investors struggled to access their funds.

Crypto Hedge Fund Liquidity

Digital currency hedge fund giant Three Arrows Capital ( 3AC ) may face bankruptcy after a total of more than $400 million in losses due to recent market events. The Dubai-based investment firm has been liquidated by crypto lending firms and is exploring various options to address its challenges, including an asset sale or a rescue by another firm.

Cutting staff of US crypto companies

Two of the largest US crypto firms, Coinbase and Blockfi, have announced that they are cutting nearly 20% of their workforce. Brian Armstrong, CEO of Coinbase, admitted that it grew rapidly during the bull market. Meanwhile, Binance is hiring, with CEO CZ seeing this as an opportunity to get some of the industry’s best talent in the interim.

Elon Musk was accused of promoting Dogecoin

The disgruntled investor is seeking a whopping $258 billion in damages from Elon Musk for promoting Dogecoin. Keith Johnson’s lawsuit against Elon Musk, who allegedly participated in a pyramid scheme to inflate the value of Dogecoin, alleges that “the defendants falsely claimed that Dogecoin was a legitimate investment with no value.”

Moneygram Launches USDC Crypto-to-Cash Program

US-based money transfer firm, Moneygram has announced that it has integrated stablecoin USDC for its crypto-to-cash program. The program allows customers to exchange USDC for fiat currency using the Moneygram app to receive the funds at any Moneygram branch in Canada or the US.

Circle Matters Euro-backed Stablecoin

The USDC Issuing Circle has announced that it will issue a second stablecoin of the euro coin to enable seamless on-chain transfer of euro liquidity. Officially launching on Ethereum on June 30, following other platforms, Euro Coin will be pegged 1:1 to the Euro and backed by Euro-denominated reserves.

The BOA report shows that demand for Crypto is still strong

A recently released Bank of America report shows that consumer interest in crypto is still strong. According to a survey of 1000 existing and potential users of crypto exchanges, 91% of respondents intend to buy crypto in the next six months, while 30% said they have no plans to sell their crypto holdings in the same period.

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