Crypto Lender Celsius Cuts 150 Jobs Citing ‘Extreme Market Conditions’, Bitcoin Rises

Crypto lender Celsius has laid off 150 employees owing to financial crisis. Last month, the company had stopped accepting customer withdrawal requests, on grounds of “extreme market conditions”. The company had said in June that it was looking at ways to “preserve and protect assets”, as it faced the possibility of insolvency, reported Coindesk. 

According to reports, Goldman Sachs is in charge of raising $2 billion from investors to buy Celsius’ assets. The company has joined a long list of cryptocurrency companies that have cut down on staff strength owing to market conditions.

Incidentally, around 46,000 Americans have reported losing over $1 billion in cryptocurrency since 2021 as a result of fraud. The second-most frequent kind of cryptocurrency scam is the romance scam. In the first quarter of this year, people in the US lost cryptocurrency valued over $185 million to romance scams, IANS reported. 

On average, victims of romance crypto scams lose about $10,000. Since 2021, the US FTC has received complaints of losses totalling $575 million. The most common type of crypto frauds are investment scams. People in their seventies have lost nearly $12,000 in these scams.

Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 2.09 per cent in the last 24 hours, and it was trading at $19,481.38 at 4:45 pm IST.

According to Coinmarketcap.com, its dominance in the crypto market is currently at 42.34 per cent, up by 0.25 per cent in the last 24 hours.

Ethereum (ETH) was trading at $1,075.27, up by 1.18 per cent, while Binance Coin (BNB) was up by 1.54 per cent in the last 24 hours, and it was trading at $221.41. Solana (SOL) was up by 1.61 per cent to $33.53, while Cardano (ADA) was up by 0.50 per cent to $0.4535. 

Meme Coins

Dogecoin was trading at $0.06674 at 5:00 pm IST, up by 1.36 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was up by 1.62 per cent, and it was trading at $0.00001014. Samoyedcoin was up by 2.52 per cent, and it was trading at $0.007434, while Dogelon Mars was up by 1.30 per cent, and it was trading at $0.000000314. 

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $878.58 billion, an increase of 1.46 per cent in the last 24 hours, while the total crypto market volume w