Crypto News

Axie Infinity Under Bearish Grip, But AXS Investors Still Optimistic

Axie Infinity (AXS) price has nosedived following a surprise entry by the bears as seen in the daily price chart.  AXS hovering above both the 20- and 50-day EMA Axie Infinity price dropped as the bears slammed investors shut after going all-in with the recent uptick. The AXS/BTC pair has nosedived by 1.66% or at 0.0007748 BTC If the bears can maintain this momentum, the bulls’ effort to recover will be put in vain. Now, to agitate and defeat the bears, the token will need to attract more buyers plus the bulls will need to get their heads together to boost AXS. To date, the trading volume has dropped which is making the investors anxious and poses  a bit of concern, especially for the bulls. Related Reading: Sandbox (SAND) Price Up 76% Since June Courtesy Of Metaverse Hype Axie Bearish Stride Short-Lived On the brighter side, crypto experts believe that this recent dip will be short-lived so investors should be ready to dive in once the green light is on. Chart from TradingView.com According to CoinMarketCap, AXS token trades at $18.06, or a dip of 4.29% as of this writing. AXS coin trading volume registered a drop of 0.4% or at 14 million. While the loss isn’t much, it still harbors the danger of eventually pulling the price further down. AXS’s market cap is at 0.09577. The bearish perspective of AXS seems to be nearing its exit as the daily price chats showed multiple EMAs or a successful crossover. MACD on the daily chart also exhibited that the buyer’s line is hovering over the signal line of the seller with a very little gap. Now, if the bulls can successfully contradict the bearish movement then immense growth is anticipated. RSI value is currently almost 59. AXS Profitability Surpasses 23% Loss After going with the upward flow of AXS, the price has dangerously plunged as the bears crashed the party. However, GameFi projects like Axie Infinity thrive amid market crashes and volatility compared to other digital assets. AXS is said to have dropped by as much as 90% after it has risen by 40% when it hit a low in June. Axie Infinity had its ATH in November at $160 but since then everything is just looking for the coin. The altcoin marked its all-time high of $160 back in November 2021. However, it has consistently been on a downtrend. But, one good thing with AXS investors is that they can roll with the punches because they were already raking in profit for the longest time. With this month’s 40% improvement on gains, AXS investors noted that only 22.29% have experienced losses which is very minimal compared to the profits which are said to spike way above its ATH. Related Reading: SOL Makes Another Shot At $44, After Two Failed Attempts This Week  AXS total market cap at $1.6 billion on the daily chart | Source: TradingView.com Featured image from BSC News, Chart from TradingView.com

Crypto News

How Gold Continues To Prove To Be A Hedge Against Inflation

Across multiple economic downturns and bear markets, gold has proven to be a haven for investors worldwide, with many traders and investors opting to invest in it to protect their capital against value depreciation, which occurs from inflation, causing an increase in general prices. Because gold prices are related to the US dollar value due to gold being dollar-denominated, a stronger USD keeps the price of gold down and more controlled. A weaker USD drives the gold price higher due to increasing demand. Ultimately this means that more gold can be purchased when the dollar is more vulnerable, protecting investors against economic events like currency devaluation and providing a safety net during periods of political instability. Gold gained popularity for its ability to be an inflation hedge when governments attempted to protect their economies, like in 1879 when the US introduced a gold standard that began backing the US dollar with actual gold to combat inflation, and in 1971 when President Nixon decided to end the gold standard to gain better control over gold-to-dollar conversions and improve inflation. While the asset has become a go-to for many investors who wish to hedge against inflation due to its apparent low risk of price crashes, one study from Duke University found that the asset class was most successful at combating inflation when invested for periods of over a century. It found that shorter-term investments had more significant fluctuations that did not guarantee gains for investors. Despite its utility, investors should be aware that many gold mining companies are unsuccessful due to high overhead costs, debt, finance, lack of control over commodity prices and non-compliance. Investors looking to get into gold-backed cryptocurrencies sometimes fail because they cannot create commercial value nor maintain it. One company trying to provide a solution for this problem is Zambesi Gold, a thriving business that aims to lead the transition in mining assets becoming fully backed digital assets. Self-described in its whitepaper as being “backed by real gold, real people, and real mining operations combined with real value,” the company believes that current issues in gold investing exist due to companies having “a lack of a business plan which leads to less interest and productivity.” To solve these problems, an agreement between the Zambesi Token and its investors ensures that no fractional lending will occur. “The number of tokens will be fixed, preventing inflation; therefore, a token’s value will increase irrespective of the demand for the token or of the gold price, and the amount of gold backing for each token will increase each month.” The company believes that each asset should contribute to the profitability of a business and not subsidize other assets to reduce the cost of debt. It does this by allowing token holders to be the beneficiaries of the Gold Custodian Trust. In this vault, physical bullion gets stored. “The Zambesi Gold standard is a monetary system backed by the value of physical gold, with the project’s token, just like gold, being perfectly divisible, with historical and inherent value projected for the future.” By implementing this structure, Zambesi token holders are guaranteed that their investment in gold will always increase in quantity and value. In today’s bear market, investors are constantly looking for ways to hedge their portfolios against inflation. While gold has been proven to be a haven for investors, it is still not without risk, and many investments can take long periods to provide gains. However, newcomers like Zambesi Gold are disrupting this space, allowing investors an even safer and more secure way to invest in gold using cryptocurrency. To learn more about this exciting new project, head to Zambesi Gold’s website today.    

Crypto News

Sandbox (SAND) Price Up 76% Since June Courtesy Of Metaverse Hype

The Sandbox (SAND) has been showing bullish signals and rising steadily, recording a 0.5% spike in the market. Sandbox price on an uptrend; rises by 76% SAND price trades upwards; depicting a long-term bullish trend Sandbox is bullish due to an increased investor and influencer interest  The market has seen aggressive strides in the past couple of weeks which is forecasted to be long-term. According to CoinMarketCap, The Sandbox (SAND) is down by 3.1% or at $1.30 as of this writing. Related Reading: SOL Makes Another Shot At $44, After Two Failed Attempts This Week SAND Blows Past 75% On Influence Boost SAND was seen to spike by 76% since June 19. The growth is brought about largely by the influence of metaverse platforms like Sandbox which has generated a great deal of interest from popular influencers and personalities online as well as a huge part of blockchain users who continuously support these platforms. For instance, famous socialite Paris Hilton has a Malibu mansion on Sandbox and is organizing events for fans that allow everyone to interact virtually with her. Hilton’s partnership with Sandbox has generated a lot of attention for SAND and also the metaverse events she has in store for her solid fans on Sandbox. Related Reading: Cardano Tests $0.51 Support – Can ADA Reach Safe Zone And Hit $0.67? SAND’s price growth is mainly triggered by its wide expansion internationally and in other markets. Additionally, Sandbox is also said to begin partnerships with local businesses for a pop-up atelier. These developments have propelled SAND’s prices way up as investors are now excited with the evolution of the metaverse industry and want to be a part of the metamorphosis. On the recent chart, the market has registered small gains which are said to be a perpetuation of the sideways market that has been lingering for the past couple of weeks. SAND is seen to continue with its current trading direction or the sideways market in the next trading sessions with prices that could potentially trade below $1.49. On the other hand, if the prices hover above the key resistance of $1.49, this will indicate the continuation of a bull run. What Is The Sandbox? The Sandbox (SAND) is an interactive virtual Ethereum-based world that enables players to create, build, explore, socialize, trade, and monetize digital assets and game experiences. The platform is powered by SAND, its native currency, which is utilized for interactions and transactions made in the virtual world. The Sandbox provides players with a safe gaming landscape that keeps players secure from crypto market volatility and crashes. While the Sandbox has been criticized a lot of times as it heavily relies on cryptocurrencies which are highly volatile, the platform remains to be one of the most popular and trusted projects in the GameFi space. SAND total market cap at $1.6 billion on the daily chart | Source: TradingView.com Featured image from Yahoo Finance, Chart from TradingView.com

Crypto News

Shiba Inu Breaks Downtrend Line – Is A Trend Reversal Imminent?

Shiba Inu (SHIB) along with another meme coin Dogecoin (DOGE) have had the worst crashes. However, SHIB is singing a different tune as it turns green after suffering a bearish downturn for a long time. Unlike DOGE, the crypto community is very optimistic about the future of Shiba Inu’s price. Shiba Inu is a popular dog meme coin that is said to rival Dogecoin. SHIB is a high-performer in the crypto space but also suffered a catastrophic drop like the rest of the crypto market. However, in October, SHIB was able to bounce back by more than 100% and reached an ATH of $0.00008616. Shiba Inu was built on Ethereum while DOGE had its own blockchain. SHIB went viral as it was treated like a joke on social media, especially on Twitter. Basically, Shiba Inu initially was able to ride on with DOGE’s success as many people jumped in and bought SHIB to rake in from the positive market sentiments. Crypto Community Predicts 101% Spike For SHIB The CoinMarketCap community forecasted that SHIB will trade by $0.00002065 at the end of July this year. The crypto community, composed of around 16,403 members has predicted Shiba Inu’s price to spike by 101.30% or 0.00001039 from its current price. As of this writing, the community members have voted and forecasted the SHIB price for August to glide to $0.00001761.   Since January of 2022, SHIB has been on a steady decline seen mostly in May but the good news is that it generated short-term winning streaks as of press time. The dog meme coin has dropped massively by 60.82% from $0.000034 seen on January 1 to now at $0.00001026.  As per CoinMarketCap data, the total market capitalization of SHIB stands at $5.62 billion. The crypto market has crashed extremely hard but SHIB has suffered a more aggressive type of crash. Most cryptocurrencies have dropped by 75% in the previous months but SHIB lost as much as 90% in total value. SHIB Outpaces DOGE, Breaches Downtrend Line However, when it performed a bullish movement in October, SHIB was able to outpace DOGE in the top 10 crypto list. SHIB now has a loyal and raving community bringing in more investors. SHIB downtrend was seen last year in November and prices dropped massively to as low as $0.0000077. SHIB was able to breach the downtrend line which hints at a trend reversal and indicates robust validations especially with the crypto market flashing the green light. SHIB’s technical indicators show that there is a coming uptrend. If SHIB can successfully breach the $0.000013 price barrier, it can offshoot to the next target at $0.000020. SHIB total market cap at $6.6 billion on the daily chart | Source: TradingView.com Featured image from Cointribune, chart from TradingView.com

Crypto News

Cardano Pulls Up 5% In 24 Hours, Unfazed By Vasil Hard Fork Delay

Cardano (ADA) had no problems pulling off a 5% spike in roughly 24 hours despite the delay of the Vasil Hard Fork upgrade. Analysts forecasted that the hard fork can help ease Cardano out of its bearish stance but it seems the coin didn’t struggle a bit despite the postponement. Over the past 24 hours, Cardano’s value has jumped by 5% as it now trades at $0.58% in sync with the current crypto market price momentum. Over the past couple of weeks, ADA was seen to have fluctuated wildly as the coin’s being jerked sideways brought about by the mounting buying and selling pressure. In all likelihood, ADA seems to be mirroring the current crypto market trends as it adds and shaves off value. Vasil Hard Fork Moved For August Launch Vasil Hard Fork was supposed to be launched in June and then moved to the end of July. However, IOG, Cardano developer, made some announcements that there will be some delays and the upgrade will be rolled out by August to give way to smooth transitions in networks. According to Kevin Hammond, Technical Managerof IOHK, the purpose of the delay is to ensure that everyone is all set for the upgrade including API developers, stakeholders, and exchanges. This upgrade will set the stage allowing many developers to easily build on Cardano. Still, ADA outlook remains to be optimistic as the network constantly works to improve the network. And this upgrade is expected to push the token up to its next target of $1. Everyone is banking on the likelihood that ADA price will spike once the upgrade is launched similar to what happens following upgrades on other DeFi tokens. Cardano Unable To Keep Up With Strong Crypto Recovery? Cardano has developed a strong community that supports the coin following the rollout of smart contacts. It’s only Achilles heel at this point would be the recent crashes that assailed ADA’s value. Nevertheless, Cardano was able to muster an all-time high back in 2021 when the coin surged at $3.10 but it was a flash in a pan, as the price declined shortly. The plunge continued yet stopped when ADA’s value hit $0.51 as it has been trending with the observation that it may not be able to keep up with the recovery that the crypto market is enjoying at the moment. And so, the bearish sentiment continued for ADA. The CoinMarketCap community has predicted that Cardano will most likely trade at $0.7311 come August 31 of this year. Others forecast that ADA may surge by 19% in August. ADA total market cap at $17.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptocurrency News, chart from TradingView.com

Crypto News

Crypto Market Shaves Off $50 Billion In One Day As Reversal Begins

The crypto market has now seen more than $50 billion lost in a one-day period as the market lost its recovery streak. This had been expected for the market due to the large recoveries recorded in a short period of time. This has brought down the crypto total market to an important level. Crypto Market Drops Below $1 Trillion Bitcoin and Ethereum’s remarkable recoveries last week had done enough to push the whole of the market upward. As a result, the crypt market quickly added more than $100 billion during this time. It had pushed the total market cap above $1 trillion once more, too much jubilation among crypto investors. Related Reading | Ethereum Weekly Exchange Net Flow Points To Growing Accumulation Trend However, this recovery would prove to only be short-lived given that the crashes had been as swift. In the span of one day, the crypto market had lost more than $50 billion following the dips and has now lost its hold on the $1 trillion market cap. Presently, the total crypto market cap is sitting at $944 billion, more than a $100 billion loss from where it was sitting last week. The loss pattern over the last few days is now seeing cryptocurrencies in the space testing an important support level and mostly failing to hold. Bitcoin has since lost its footing at $22,000 and is now trading at low $21,000s, while Ethereum has declined to the $1,400 territory. This has dragged down their market caps to $402 billion and $171 billion, respectively. Market Sentiment Takes A Dive As the crypto market had recovered, the market sentiment quickly climbed. For the first time in two months, investor sentiment had successfully made it out of the extreme fear territory to be sitting in fear. With the continuation of the recovery, the sentiment score had increased to close at a new two-month high of 30 last week. Related Reading | More Than 57,000 Traders Liquidated As Bitcoin Declines Below $22,000 The sentiment had consistently been up for the last couple of days until Monday, when the prices had begun to fall. The dip in sentiment saw the Fear & Greed Index return a score of 26 for the last day, signifying that investors are once again becoming wary of the market. While the bearish trend is not completely established yet, it is gradually becoming the norm over this time. Following historical trends, there will be recoveries and pullbacks, which will see the market establish lower highs and lower lows. Featured image from CNBC, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News Ethereum

Ethereum Weekly Exchange Net Flow Points To Growing Accumulation Trend

Ethereum had been one of the largest winners of the rally that rocked the crypto market last week. The network had seen a boost when one of the developers of Ethereum announced that the upcoming Merge would likely happen sometime in September. It triggered a ripple effect that spread to the other digital assets in the space. But it seems Ethereum investors are nowhere close to being done, given the on-chain metrics from the last week. Exchange Outflows Ramp Up In the last week, large and small Ethereum investors alike have been ramping up in terms of accumulation. This shines through in the among of ETH that was recorded, leaving centralized exchanges versus the number that was going into them. The disparity between the two is stark and shows exactly how investors are feeling when it comes to investing in ETH. Related Reading | MATIC Rises Again, Will It Target The Psychological Level Of $1? Numbers for the last week have shown that $3.3 billion total in ETH had flowed into centralized exchanges. However, the volume of ETH flowing out was about 100% higher. Data from Glassine shows that $6.5 billion flowed out, leading to a -$3.1 billion net flow. This shows that investors are accumulating by moving their ETH out of exchanges and presumably to personal wallets for safekeeping. It also points to long-term hold sentiment among these investors. Additionally, it means that the sell pressure that has weighed down the market over the last couple of weeks has begun to ease. In its place is now a high buying pressure, leaving investors to accumulate as much ETH as possible. ETH price falls to $1,500 | Source: ETHUSD on TradingView.com Ethereum Merge Draws Closer The majority of the gains recorded by Ethereum over the last week have been attributed to the updates made about the upcoming Merge. Ethereum had gained more than 40% on the back of that announcement alone, but the price has not been the only thing affected by the announcement. Related Reading |  Bitcoin Crashes To 7 Days Low, Ethereum And XRP Also Drop The ETH staked on the Ethereum network ahead of the Merge had been on the rise over the last couple of months but witnessed a jump after the announcement was made. At the time of this writing, the number of ETH staked on the network had reached a new all-time high of 13,152,149 ETH, and this number is expected to grow as the date draws closer. This means that more than $20 billion in ETH is now being held in the ETH 2.0 deposit contract. Now, this is not the highest point it has been in terms of dollar value, but it is nonetheless significant given that the price of ETH is down more than 70% from its ATH.  Featured image from Financial Times, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News

 Bitcoin Crashes To 7 Days Low, Ethereum And XRP Also Drop

Despite having a boom week, Bitcoin, the most valuable cryptocurrency, sank to its seven days low. Several other altcoins that had also been rallying dropped, including the second-largest coin, Ethereum, which fell over 5%, XRP fell by 4%, and ADA took the lead with 6%. Over the last nine days, Bitcoin has seen positive momentum. From a low of $19,230 to a high of $24,280, the leading cryptocurrency has increased in value by more than 26% since July 12. Related Reading | TA: Ethereum Stuck In Key Range, Why $1,480 Is The Key Nonetheless, BTC’s most recent rise failed to surpass the biggest barrier standing in the way of Bitcoin reaching the $30K price level. Instead, the price of bitcoin began a new downward trend after failing to stabilize above the $23,000 level.  BTC reversed its gains and fell below the $22,000 mark. The price is currently at $21,917.87, down more than 3% from the day before but up 5.2% from the previous week. Its current market capitalization is $418.68 billion, with a 24-hour low of 2.62%. Furthermore, Ethereum lost ground along with BTC and other cryptocurrencies as it could not maintain the $1600 level it had reached earlier in the week. CoinMarketCap data show that its price fell to $1,547.89 over the last day, a decrease of 2.5%. With Ethereum, ADA and XRP Also Experience A Decline During the past 14 days, ETH has outperformed. From the low of $1,008 on July 12 to the month’s high of $1,664 on July 23, it rose gradually. In addition, since the Merge’s announcement date, ETH has increased by over 15.0% during the past seven days, and over the preceding 14 days, the currency has seen a notable increase of 32.3%. Moreover, the eighth-largest cryptocurrency, Ripple (XRP), dropped by 4.9% during the course of the last day, reaching $0.346754, as per data from CoinMarketcap. Additionally, with a drop of 4.70% over the last 24 hours, it also lowers its market worth to around $16.735 billion. The cryptocurrency markets maintained above their respective support levels throughout the last weekend. So, from July 18, there was a bullish surge in the price of XRP, giving the impression that it would overcome any obstacles. But unfortunately, XRP saw a sharp decline at the start of the new trading week. Since it could not reach $0.4 levels, the current market movement had little effect on the price of XRP. Related Reading | TA: Bitcoin Price At Clear Risk of Sharp Drop, Indicators Turn Red On the other side, Cardano’s price had dramatically increased to reach $0.55 and had long since overtaken XRP. However, the bears rapidly pulled both assets, demonstrating their strength over the bulls. However, ADA couldn’t maintain its position at over $0.55. It is trading at $0.493943 right now with a loss of 6.4%, and still, it is heading downward. Featured image from Flickr, chart from Tradingview.com  

Altcoins Analysis Bitcoin Blockchain

Freedom DeFi: World’s First Decentralized DeFi Protocol With A Fixed 1,027,030.60% APY

Freedom DeFi: World’s First Decentralized DeFi Protocol With A Fixed 1,027,030.60% APY

During the bear market, everyone wants to keep and multiply their savings. Today we’ll talk about a new promising Freedom DeFi project. It’s a protocol of auto staking that currently offers the highest Annual Percent Yield (APY) of 1,027,030.60% APY with token  $FREE payments every 30 seconds. When you see such numbers, you immediately wonder […]

Bitcoin Crypto News

Bitcoin Marks One Month Of Negative Funding Rates, More Decline Incoming?

Bitcoin funding rates had first fallen below the neutral level last month. Before that, the funding rates had been fluctuating at and below neutral for the longest time. This new trend has lasted longer than expected as the digital asset’s price continues to struggle. In this report, we take a look at the state of bitcoin funding rates as well as the implications if the present trend continues. Funding Rates Below Neutral When bitcoin funding rates had first fallen below neutral in June, the price of the digital asset was still trading well above $30,000. Since then though, multiple crashes and dips have seen the cryptocurrency lose more than $10,000 of its value and continue to struggle to hold above its previous cycle peak. Related Reading | Mid Cap Crypto Coins Lead In July, Best Way To Weather The Winter? However, despite the minor upward corrections that have been recorded since then, the funding rates have refused to budge. At the time of this writing, the funding rates have now spent a complete month with below neutral numbers. Binance and Bybit are some of the most prominent platforms when it comes to calculating funding rates and the last time the crypto exchanges had seen funding rates in the neutral level since bitcoin’s fall from $30,000 had been in mid-June. Instead, the funding rates have begun to mirror the movement of price and have not recovered since then.  Funding rates remain below neutral | Source: Arcane Research This comes despite a surge in the bitcoin open interest last week which reached a new all-time high. So the funding rates have deviated from the open interest and are now following the low yield rates that are being recorded in the market.  Will Bitcoin Recover? With bitcoin’s price above $20,000 once more, there has been some positive sentiment returning to the market. However, it remains shaky given that there is not a lot of support left at this point and the price can easily be pulled down by the bears. This is why the decline in the bitcoin funding rates remains a concern. Naturally, the funding rates are expected to see an increase when the price of the digital asset has declined as much as it has. But the opposite has been the case so far, meaning that there is not a lot of new money coming into the space, if any. BTC recovers just below $21,000 | Source: BTCUSD on TradingView.com For a prominent recovery in bitcoin’s price, an uptick in funding rates would need to be seen. When sentiment picks up among perp traders, the broader market is sure to follow.  Related Reading | Bitcoin Price Spends Four Weeks At 2017 Peak Prices, What Comes Next? Additionally, the inflation rate from the CPI report on Wednesday was higher than expected. While that has resulted in a spike in the price of bitcoin, it has been a short one. For this to hold, the market needs to see more buying momentum. Featured image from CNBC, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News

Celcius Market Cap Crashes 86% On Year-To-Date Basis As Company File For Bankruptcy

Investors in the failing cryptocurrency lending startup Celsius are still losing money weeks after the company filed for bankruptcy. Customer withdrawals had been frozen. Celcius Market Cap Crash 86% As the company’s problems worsen, investors have stepped out to relate their experiences following the withdrawal freeze and the ensuing bankruptcy application. One user who placed their entire life money in Celsius lost everything. Uncertainty over when business as usual will return further complicates the situation for the affected investors. Even though Celsius voiced optimism about allowing withdrawals, the most recent developments continue to dash investors’ hopes. The firm’s issue also seems to have played a role in the native token CEL’s notable capital outflows. According to CoinMarketCap, CEL’s market value has dropped by 85.84% year-to-date in 2022, from $1.06 billion on January 1 to $0.15 billion on July 14. CEL market cap YTD. Source: CoinMarketCap Despite attempts by Celsius holders to push the cryptocurrency back up to its highs in an effort to save the struggling company, the token has suffered huge losses. For instance, on July 4, CEL’s community’s activity produced double gains. Related reading | Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again? A Community Of Woes Early on Wednesday morning, the cryptocurrency lender issued a press release revealing that it has submitted a Chapter 11 petition to the Southern District of New York bankruptcy court. CEO Alex Mashinsky of the company stated in the statement that the filing was “the right choice” for the business. After limiting customer withdrawals due to harsh market conditions that affected liquidity, Celsius ran into difficulty early last month. The company filed for bankruptcy on July 13 even though it had previously told users that it was trying to return to normal operations. The CEO noted: “I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company,” According to the press statement, Celsius has $167 million in cash reserves and intends to continue operations. Customers of Celsius have expressed their opinions in response to the bankruptcy filing. One of the most popular posts on a subreddit devoted to the firm includes a list of suicide hotline numbers. Hours after Celsius released its message, a user opened up about their problems in a another thread titled “I am suicidal.” CEL/USD trades at $0.7. Source: TradingView Numerous reactions to Celsius’ Twitter post from customers allege they have lost access to their life savings as a result of the company’s suspension of withdrawals. “I’m a sole parent. My life’s course will shift as a result. One person tweeted, “I feel nauseous. “Please let me borrow a rope from someone. Another person added, “Celtic just filed bankruptcy for me as well. Another person described how giving the business their money caused them to “lose pretty much everything.” The troubles of Celsius have also been made worse by a lawsuit brought by a former employee who claimed the company was a Ponzi scheme and lacked adequate safeguards for client investments. Notably, Voyager, another cryptocurrency lender, filed for Chapter 11 bankruptcy protection after suffering large losses, making Celsius the third cryptocurrency processor to do so in a month. Amidst erratic market conditions, Three Arrows Capital also applied for bankruptcy protection. Suggested Reading | Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place? Featured image from Shutterstock, chart from TradingView.com and CoinMarketCap