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- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
Crypto today is not such a pretty sight.
As Bitcoin continues to freefall at prices not seen since 2020, other major crypto platforms are in a crisis. Celsius is one of the top cryptocurrency lending and staking platforms, but this week it has halted all withdrawals, swaps, and trades due to 'extreme market conditions'.
Even Binance – the world's largest crypto exchange today – suffered a halt in Bitcoin withdrawals due to a network error. The problem was resolved within hours, but it's still worrying for a network believed to be the most secure and user-focused in the industry.
But crypto is not all bad today. Some tokens like EverGrow Coin have seen their trading volume rocket over 350% in the past few days. Meanwhile, even the fallen crypto Luna Classic token is up in price today.
The Bitcoin price is currently $22,300.
This is the lowest Bitcoin price in over 18 months and comes after Bitcoin saw a record-breaking nine weeks of red candles. Bitcoin is even breaking past key indicators like the 200-week moving average (currently at $22,357).
The Bitcoin Relative Strength Index (RSI) over a 14-week view is at 27. This is the lowest figure since 2018 and should suggest that Bitcoin is a great buy. However, with the US Federal Reserve meeting this week with expected interest rate hikes to follow, there's no telling where the Bitcoin bottom will end up.
Celsius is one of the most popular crypto staking and lending platform – but today, the platform is still not allowing any withdrawals, swaps, or trades.
In normal times, Celsius offers its users a yield of up to 18.63% on deposits. As worries have been growing over the past few weeks the Celsius token has collapsed from a price of $7 down to under a dollar.
Today, the crypto price of Celsius is $0.3266. This surprisingly is a 75% price increase over the past 24 hours, despite the token losing 50% in price over the past week.
In a post to the Celsius Community on Monday, the platform blamed 'extreme market conditions' for the halt in trading activity. It comes as Celsius' $26 billion in client funds has more than halved since October.
A surprise outcome from the market crash has seen crypto EverGrow Coin exploding in trading volume in the past few days.
EverGrow Coin rocketed well over 30% in price yesterday before a correction today. Nevertheless, EverGrow Coin charges a 14% transaction tax with 8% redistributed as BUSD rewards on all buy or sell orders. This means those hodling EverGrow Coin today will receive more than $80,000 in BUSD due to spiking volume.
Since launching in September last year, EverGrow Coin has paid more than $37 million in BUSD rewards to investors. With 2% of the 14% transaction tax set aside for strategic buyback & burn, it has also removed 53% of its initial supply permanently from circulation.
The strategic mechanism of paying BUSD stablecoin rewards has played into EverGrow Coin's favour during the crypto crash, as it's a secure form of passive income that can be earned even as markets tank.
BNB is one of the top trending cryptocurrencies today as prices are already in the green following losses on Monday.
BNB is currently trading at $225 – a 1% price increase yesterday. This is while Bitcoin is still posting 7% losses and Ethereum seeing 3% losses in the past day. The native token of the Binance ecosystem can see lower trading fees for users holding BNB.
Binance is also viewed as one of the most secure and transparent cryptocurrency businesses in the industry, which is behind renewed faith in the fifth largest crypto token by market cap today.
For example, despite Binance suffering an outage for a few hours yesterday, CEO Changpeng Zhao assured customers all funds were 'SAFU' (Secure Asset Fund for Users) under a mechanism set up to protect users against losses in 2018.
Within a few hours, Binance was back online, and no losses were recorded.
Luna Classic (LUNC) is the token formerly known as Terra Luna (LUNA).
This token was worth over $80 at the beginning of May before crashing below $1 in the wake of the wider Terra network collapse. Nearly $20 billion of investment funds were wiped out in the crash that necessitated the launch of a new and separate Terra blockchain network.
Luna Classic is up 4% in price today to $0.00006178 and – though unlikely – is one of the top trending cryptos today.
