ALERT ๐จ ๐จ ๐จ ๐ฎ Why Crypto Currency falling so fast and what decision caused a major blow to Bitcoin ๐
These are the services that a platform called Celsius, considered a major player in the world of digital currency, provides to its users.
But last Sunday, the company decided to freeze the accounts of its 1.7 million customers, given the market situation.
This decision, which cryptocurrency experts are calling a 'corralito', began a downward trend in the prices of the two major currencies, Bitcoin and Ethereum, that has continued ever since.
The issue began when the price of Celsius' own digital currency, CEL, began to decline on Sunday.
As the price of CEL fell, the Celsius firm decided to impose a ban on users, which eliminated the ability for anyone to withdraw money from the account, transfer it, or convert the cryptocurrency into cash.
The firm did not provide any explanation for how long these facilities have been closed.
Celsius' decision also affected Binance, the world's largest cryptocurrency exchange, which had to halt Bitcoin withdrawals for several hours.