The cryptocurrency trading and lending platform Celsius Network has decided to suspend all withdrawals, exchanges and transfers between accounts as a result of the "extreme conditions" of the market, which has caused a new crash of bitcoin, which yielded more than 13%. and marked its worst change against the dollar since December 2020.

"We are making this decision to put Celsius in a better position to meet its retirement obligations over time," the platform said in a statement.

The firm, which allows its users to use their collateral crypto assets to finance their projects, has explained that it decided to activate a clause in its terms of use that will allow this process to be carried out, stressing that it has "valuable assets" and is working diligently to fulfill its obligations.

"We are taking this necessary step for the benefit of our entire community to stabilize liquidity and operations while taking steps to preserve and protect assets," he added, noting that customers will continue to accrue corresponding rewards during the suspension.

The Celsius Network 'corralito' occurs just a few weeks after the turmoil unleashed by the 'cryptos' Terra and Luna, which has sunk the price of bitcoin, which this Monday gave up more than 13% to change below 24,000 dollars, at a minimum since the end of 2020.