Crypto contagion fears spread after Celsius Network freezes withdrawals - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

Crypto markets have dived in the past few weeks as rising interest rates and surging inflation prompted investors to ditch riskier assets across financial markets.Crypto markets have dived in the past few weeks as rising interest rates and surging inflation prompted investors to ditch riskier assets across financial markets.

“It’s all a house of cards.” Celsius CEO Alex Mashinsky and Celsius did not respond to Reuters requests for comment. Crypto markets have dived in the past few weeks as rising interest rates and surging inflation prompted investors to ditch riskier assets across financial markets. Cryptocurrency investors have also been rattled by the collapse of the terra USD and luna tokens in May which was shortly followed by Tether, the world’s largest stable coin, briefly breaking its 1:1 peg with the dollar.

Celsius’s token has fallen about 97% in the last 12 months, from $7 to around 20 cents, based on Coin Gecko data.Crypto lending products have surged in popularity and many companies have launched offerings within the last year.

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