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Bitcoin Falls Amid Further Signs of Crypto Industry Turmoil

Cryptocurrency News Jul 05, 2022 21:20
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© Reuters

By Scott Kanowsky 

Investing.com -- Bitcoin fell on Tuesday, in the wake of a move by Estonia-based cryptocurrency exchange CoinLoan to limit withdrawals, as the impact of the collapse in digital assets spreads.

In a blog post on Monday, CoinLoan aimed to reassure customers that it had no exposure to a string of recent collapses in the crypto industry, including the failure of hedge fund Three Arrows Capital and a slump in the value of stablecoin terraUSD.

But the company said the turmoil has still caused an increase in withdrawals from its platform, leading it to reduce the amount users can take out of their accounts. CoinLoan called it a "pre-emptive step" designed to ensure the firm can continue to operate in the future.

"Please rest assured that your assets are safe," CoinLoan said. "We understand how to handle difficulties, and we are also well-equipped to prevent them."

Users on the platform can now withdraw a total daily maximum of $5,000 from their accounts. CoinLoan added that the decision is temporary, and the limit will be removed once "the market situation allows it."

CoinLoan's decision follows a move earlier this week from Singaporean crypto lending platform Vauld to halt withdrawals, deposits and trading. Vauld said the decision was based on a number of factors, including "volatile" market conditions, which subsequently led customers to pull out more than $197.7M from the platform since June 12.

The announcements from CoinLoan and Vauld come amid a sharp fall in the price of Bitcoin. The digital token has tumbled by more than 70% from its record high, as investors edge away from safe-haven assets due to concerns about a possible slowdown in global growth. This fall has helped drag other cryptocurrencies lower.

As of 08:36 EST (1236 GMT) on Tuesday, Bitcoin was trading down 1.72% at $19,364.00.

Bitcoin Falls Amid Further Signs of Crypto Industry Turmoil
 

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