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Analyst: Cryptocurrency crash is not due to Celsius Network withdrawing without authorization

. The cryptocurrency market lost more than $200 trillion in the last few days. Many attribute this crash to Celsius’s withdrawal modifications. The cryptocurrency market suffered a second crash this weekend. The cryptocurrency market’s total cap fell from $1.2 trillion just a few days ago, to $945 billion today. Bitcoin, the world’s leading cryptocurrency, has…

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The cryptocurrency market lost more than $200 trillion in the last few days. Many attribute this crash to Celsius’s withdrawal modifications.

The cryptocurrency market suffered a second crash this weekend. The cryptocurrency market’s total cap fell from $1.2 trillion just a few days ago, to $945 billion today.

Bitcoin, the world’s leading cryptocurrency, has lost more than 17% of its value over the past 24 hours and currently trades around $23k per coin.

Some market analysts attribute the latest crash in part to Celsius Network’s decision to suspend its withdrawals.

Celsius Network has been one of the largest lenders in the cryptocurrency industry. The company controls more than $12 billion in assets under management.

The company told its users that;

“Due the extreme market conditions today, we have decided to suspend all withdrawals, swaps and transfers between accounts. Our top priority is to act in the best interests of our community. We have included a clause in our Terms and Use to allow this to happen. This is to honor that commitment as well as to comply with our risk management framework. Celsius has valuable assets, and we are working diligently to meet our obligations.”

However, Marcus Sotiriou from GlobalBlock, a UK-based analyst, said that the market crash wasn’t caused by the Celsius Network suspending withdrawals. He stated ;

“Despite the fear, uncertainty, and doubt the Celsius debacle has caused, the sell-off started at the beginning of the weekend on Friday, after the U.S. inflation data was released. CPI rose 0.3% in May to 8.6%, a 0.3% increase over April. This indicates that inflation is increasing rather than decreasing. This is the biggest contributor to the recent decline. It results in a Federal Reserve that is more hawkish. They are now required to take more liquidity out of the market to lower inflation. When liquidity is removed, risk-on assets are hit the hardest, which includes crypto.”

Despite continued bearish sentiment, Sotiriou stated that investors should remember this period of persistent inflation should end and that the crypto industry would become more efficient as incompetent and unsecure firms are eliminated.

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What is the reason why SAND has risen by more than 10% within 24 hours?

The cryptocurrency market continues its positive start to the week with major coins trading in the green area. The cryptocurrency market has performed well in the last two days. In the last 24 hours, the market has added more than 3% to its value, pushing the total market cap above the $900 billion mark. Bitcoin…

The cryptocurrency market continues its positive start to the week with major coins trading in the green area.

The cryptocurrency market has performed well in the last two days. In the last 24 hours, the market has added more than 3% to its value, pushing the total market cap above the $900 billion mark.

Bitcoin surged past the $21k resistance level after adding 2.5% to its value over the last few hours. Ether is eyeing the $1,200 psychological level thanks to its ongoing rally.

However, SAND, the native token of The Sandbox metaverse, is one of the best performers amongst the top 50 cryptocurrencies by market cap.

SAND is up by more than 10% in the last 24 hours and currently trades at $0. 935 per coin. This positive step is primarily due to The Sandbox’s partnership and TIMEPieces (the NFT community initiative of TIME).

In a Medium post on Monday, The Sandbox said it has partnered with TIME to develop ‘TIME Square’, TIME’s first-ever destination in the metaverse.

Key level to watch

The SAND/USD 4-hour chart at the moment is bullish, as SAND has been doing well in recent days.

The MACD line is in the neutral zone. This is a significant improvement over the territory it held last week. The 14-day RSI of 64 shows that SAND could soon enter the oversold region over the coming hours or days.

If the market momentum continues, SAND could surge above the $1 psychological level in the next few hours. SAND could test $1 in the event of a prolonged rally. 08 resistance level before the end of the day.

However, we are still in bear market and the bears may regain control. SAND could fall towards the $0. 83 support level in the next few hours.

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Highlights June 21: Celsius rises almost 50%, cryptos remain green

The crypto market is bullish at the moment, with all the top 100 cryptocurrencys in the green as of this writing. Top cryptos Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of…

The crypto market is bullish at the moment, with all the top 100 cryptocurrencys in the green as of this writing.

Top cryptos

Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of writing, up more than 4% over the past 24 hours.

Cryptos outside the top 10 also fared well. Polkadot jumped more than 7%, but the standout is Polygon with 14%.

Top movers

Aside from the top 20,, the trend was similar with most coins adding 5-9% value. Notable standouts include Chainlink, up 12%, Aave with 14%, and Waves with 18%.

Elrond gained another 15% today. Since announcing a major partnership, Elrond has been rallying with institutions of the Romanian government.

Stacks has 16%, and 1inch Network has 17%.. Recent statistics show that Atomic Swaps on CurveFinance and 1inch registered an average 100 million daily volume.

Zilliqa was one of the largest winners, up 22% during the last 24 h.

XCAD Network allows YouTubers to issue their own fan tokens and NFTs. It allows Youtubers the ability to issue their own fan tokens. Zilliqa’s rally was supported by XCAD’s participation at a recent, very successful live event in NYC.

The big win is Celsius with gains in 49%. Even though Celsius Network is in trouble, the efforts to stabilize it are evidently effective or have an impact on its value.

Compound completes the #100 winners’ list with gains of 26%. The Compound III beta version app is now available to the community.

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PetSneakers is today’s biggest winner. It allows you to train your pets and also work out in a virtual environment. It records your workout results and converts them into PSC tokens that you can stake for more profit. PSC is up 363% right now.

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US Regulator Charges South African MTI and Its Operator With $1.7 Billion Fraud Involving Bitcoin

US Regulator Charges South African MTI and Its Operator in CFTC's Largest Bitcoin Fraud Case

The U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency.

CFTC Takes Action Against MTI

The CFTC announced Thursday that it has charged a “South African pool operator and CEO with $1.7 billion fraud involving bitcoin.” The regulator added:

This action is CFTC’s largest fraud scheme case involving bitcoin.

The derivatives watchdog has filed a civil enforcement action, charging Cornelius Johannes Steynberg and Mirror Trading International Proprietary Ltd. (MTI) with “fraud and registration violations.”

From approximately May 18, 2018, through March 20 last year, “Steynberg, individually and as the controlling person of MTI, engaged in an international fraudulent multilevel marketing scheme … to solicit bitcoin from members of the public for participation in a commodity pool operated by MTI,” the CFTC detailed, elaborating:

During this period, Steynberg … accepted at least 29,421 bitcoin — with a value of over $1,733,838,372 at the end of the period.

The announcement adds that the CFTC “seeks full restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of the Commodity Exchange Act and CFTC Regulations.”

The derivatives watchdog described:

The defendants misappropriated, either directly or indirectly, all of the bitcoin they accepted from the pool participants.

The CFTC concluded: “Sternberg is a fugitive from South African law enforcement, but was recently detained in the Federative Republic of Brazil on an Interpol arrest warrant.”

What do you think about the CFTC’s action against MTI and its operator? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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