Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Emily Nicolle explores the roots of Celsius’s precarious predicament and explains the potentially wide-ranging implications:
Crypto lender Celsius’s decision to suspend customer withdrawals has hit the market hard: Prices are tumbling and traders are braced for further pain as they search for hints of a repeat of last month’s Terra wipeout. Dig a little deeper, though, and the situation has the makings of being even more of an existential threat to DeFi than the market swings suggest.