bitcoin
Bitcoin (BTC) $ 70,465.88
ethereum
Ethereum (ETH) $ 3,562.12
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 588.62
solana
Solana (SOL) $ 188.22
staked-ether
Lido Staked Ether (STETH) $ 3,554.31
xrp
XRP (XRP) $ 0.621071
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.217493
cardano
Cardano (ADA) $ 0.646991
avalanche-2
Avalanche (AVAX) $ 54.23
shiba-inu
Shiba Inu (SHIB) $ 0.000031
the-open-network
Toncoin (TON) $ 4.86
polkadot
Polkadot (DOT) $ 9.41
bitcoin-cash
Bitcoin Cash (BCH) $ 579.60
chainlink
Chainlink (LINK) $ 19.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 70,461.88
tron
TRON (TRX) $ 0.120540
uniswap
Uniswap (UNI) $ 12.76
matic-network
Polygon (MATIC) $ 0.995253
internet-computer
Internet Computer (ICP) $ 17.74
near
NEAR Protocol (NEAR) $ 7.06
litecoin
Litecoin (LTC) $ 94.53
aptos
Aptos (APT) $ 17.14
leo-token
LEO Token (LEO) $ 6.04
blockstack
Stacks (STX) $ 3.54
filecoin
Filecoin (FIL) $ 9.37
dai
Dai (DAI) $ 0.998435
cosmos
Cosmos Hub (ATOM) $ 12.19
ethereum-classic
Ethereum Classic (ETC) $ 32.34
arbitrum
Arbitrum (ARB) $ 1.65
render-token
Render (RNDR) $ 11.01
immutable-x
Immutable (IMX) $ 2.92
crypto-com-chain
Cronos (CRO) $ 0.151909
stellar
Stellar (XLM) $ 0.138048
hedera-hashgraph
Hedera (HBAR) $ 0.114609
the-graph
The Graph (GRT) $ 0.405777
okb
OKB (OKB) $ 63.75
mantle
Mantle (MNT) $ 1.17
dogwifcoin
dogwifhat (WIF) $ 3.77
optimism
Optimism (OP) $ 3.68
maker
Maker (MKR) $ 3,742.06
bittensor
Bittensor (TAO) $ 524.49
fetch-ai
Fetch.ai (FET) $ 3.22
injective-protocol
Injective (INJ) $ 37.95
pepe
Pepe (PEPE) $ 0.000008
vechain
VeChain (VET) $ 0.045551
kaspa
Kaspa (KAS) $ 0.138145
thorchain
THORChain (RUNE) $ 9.20
theta-token
Theta Network (THETA) $ 2.94

Babel Finance Pauses Crypto Withdrawals Following Liquidity Troubles

0

Babel Finance – an Asian crypto lending platform coming off a $2 billion valuation – has revealed that it is facing liquidity pressures. In response, it has paused all withdrawals and redemptions from the products on its platform to protect customers.

In a company announcement on Friday, Babel explained that its troubles stem from “major fluctuations” in the crypto market.
Last weekend, crypto markets collapsed to lows unseen since December of 2020. This triggered a flood of liquidations and even forced MicroStrategy to pledge more collateral towards its Silvergate loan.
As Babel noted, some institutions in the industry have now experienced “conducive risk events,” causing liquidity pressure at the company.
Among these institutions is Celsius – another crypto lending platform that was forced to pause withdrawals as it struggled to refinance its loan with Oasis. It still remains unclear when withdrawals will resume.
Another is VC firm Three Arrows Capital (3AC), which has been dogged with rumors of looming liquidations for days. Some of the company’s partners have revealed that 3AC has ceased contacting them, despite the company’s co-founder claiming that his team is “communicating with relevant parties.”
Babel Finance has issued a statement similar to 3AC’s: “We are in close communication with all related parties on the actions we are taking in order to best protect our customers,” wrote the firm.
Crypto lending platforms frequently rehypothecate user deposits to earn higher yields using loans in the defi space, using digital asset collateral. However, during a market pullback, such loans face higher liquidation risk.
Kraken CEO Jesse Powell said in a tweet on Wednesday that his exchange plays no such “exotic shell games” in defi.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Source link

Leave A Reply

Your email address will not be published.

Shares