HODLNAUT SUSPENDS WITHDRAWALS IN SINGAPORE

 

As a result of the announcement that was made by Celsius, the price of bitcoin resumed its previous downward trend, plunging by more than 6% to a price that was its lowest in the previous 18 months: $24,888. Ether, the second-largest cryptocurrency in the world, had a price decrease of more than 8%, which sent its price down to $1,303. This price is Ether's lowest level since March 2021.

According to a statement that was issued by the company on Monday, Hodlnaut, which is based in Singapore and operates as a cryptocurrency lender and borrower, has temporarily paused the processing of withdrawals, swaps, and deposits. This is the latest recent sign that demand in the bitcoin industry is being stretched. The cryptocurrency loan firm also said that it would withdraw its application for a licence to provide digital token payment services from the Monetary Authority of Singapore (MAS). Back in March, it had already been given a preliminary green light for this application. As a result of the request, a representative for MAS said that the permit had been changed to its current status in order to prevent it from being used.

Hodlnaut said the action was "related to current market circumstances" to stabilise liquidity and preserve assets. The business is the latest crypto participant to go into trouble after a strong sell off in markets that began in May with the collapse of Luna and TerraUSD. U.S. crypto lender Celsius and Singaporean firm Three Arrows Capital both failed last month.

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