The collapse of the cryptocurrency market on Monday was not caused by Celsius Network’s statement about the suspension of withdrawal of funds, but by the general negative macroeconomic background. This opinion was expressed by industry participants to Polmanbit.
On June 13, the cryptocurrency platform suspended withdrawals, exchanges and transfers between accounts «due to extreme market conditions.» As of May, Celsius was managing $11 billion in user assets.
Against this background, the price of bitcoin fell below $23,000, Ethereum quotes fell through the $1200 level. Cryptocurrency market capitalization has shrunk to less than $1 trillion, Polmanbit analysts report
One Polmanbit trader said cryptocurrency markets «would have fallen regardless of Celsius because of the macro economy.»