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Crypto Lender’s Woes Spark Dash by Rivals to Soothe Nerves

  • BlockFi, Nexo take to Twitter after Celsius halts withdrawals
  • Bitcoin falls to lowest since December 2020 in broad selloff
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Crypto Plunges as Lender Celsius Freezes Withdrawals
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Crypto lender Celsius Network Ltd.’s shock announcement that it’s freezing withdrawals sparked a rush by companies in the digital-assets sector to reassure markets about the health of their operations.  

BlockFi, Nexo, Tron and Tether were among those who took to Twitter in the hours after Celsius’s announcement, which accelerated a crypto rout that erased more than $100 billion of market value. With memories of last month’s collapse of the Terra ecosystem still fresh, attention is turning to decentralized-finance projects that offer eye-popping yields as well as stablecoins billed as pegged to an asset like the US dollar.