At least half a dozen cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. platforms have taken similar steps to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. their liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. problems.
- Cryptocurrency exchange Zipmex suspends withdrawals.
- Similar to Celsius, CoinFLEX and others, he cited falling prices.
- Several have taken similar steps to address their liquidity problems.
Another exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. cryptocurrency exchange has joined the list of platforms choosing to suspend trading in the face of market turmoil.
Zipmex an exchange based in Singapore, informed its users on Wednesday that it is disabling withdrawals due to circumstances beyond your control including price volatility. The move prevents customers from taking direct custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. of their cryptocurrencies until further notice. The company made the announcement in a tweet .
Due to a combination of circumstances beyond our control, including volatile market an area or arena, online or offline, in which commercial dealings are conducted. conditions and the resulting financial difficulties of our key trading partners, in order to maintain the integrity of our platform, we would suspend withdrawals until further notice.
Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.
— ZIPMEX (@zipmex) July 20, 2022
Zipmex promotes itself as the “ Asia’s leading digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset exchange ” and has offices in Thailand, Indonesia and Australia. It offers a variety of products and services, including trading cryptocurrencies such as Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. y Ethereum a decentralized open-source blockchain with smart contracts functionality. as well as accounts that offer annualized yields of up to 10%, depending on your sitio web .
Another one for the list. Liquidity crisis?
According toCrypto BriefingThe firm raised $11 million in a round of funding in March and, more recently, secured an investment from Coinbase is an American company that operates a cryptocurrency exchange platform. (The U.S. stock exchange had explored a possible acquisition, but the deal fell through). ) That figure was in addition to the $41 million it had previously raised. Zipmex in 2021, agrega CoinDesk .
The data de Coinmarketcap show that the platform a place to buy, sell and store cryptocurrency has seen a trading volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of USD $6.8 million in the last 24 hours.
Pero Zipmex is not alone in facing challenges amid the cryptocurrency price slowdown. The major digital currencies have experienced a significant correction a correction is a pullback of an asset’s price of at least 10% to adjust for over-valuation. in recent months that, for some, has resulted in a drop of up to more than 70% from their price highs of last year.
A series of events, such as the collapse of the Earth the crypto-fund liquidity crisis Three Arrows Capital capital is most commonly defined as the large sum of money you would use to invest. and the broader macroeconomic situation have contributed to the price decline.
As a result, platforms like Celsius , CoinLoan , Babel Finance , CoinFLEX y Voyager Digital have taken similar steps to curb withdrawals as a way of dealing with their liquidity problems. Of these, at least two have already filed for bankruptcy in the U.S. In the meantime, Vauld a crypto-loan firm that also serves clients in Asia, has already had announced at the beginning of the month the suspension of deposits, withdrawals and operations citing the “ volatile market conditions “.
En medio de estos movimientos, el CEO de FTX , Sam Bankman-Fried, warned a few weeks ago that more companies in the industry could be “ secretly insolvent “, which sounded alerts about a possible more extensive liquidity crisis in the crypto space.
- Celsius reported $1.19 billion deficit in bankruptcy filing
- Three Arrows Capital founders reportedly bought $50 million yacht with borrowed money
- Voyager Digital reported that its severance plan could change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. depending on what happens with Three Arrows Capital.
Article by Hannah Estefania Perez / DiarioBitcoin
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