Commentary
It has been impossible to ignore crypto. From Bitcoin’s all-time high of $68,991.00 in November 2021 to the current price of $20,200.00 (as of 3:11pm June 22, 2022), the price volatility has only kept up the momentum of the cryptocurrency news cycle.
The consistent volatility has led to an onslaught of speculation, with some unfortunate investors even borrowing money to buy Bitcoins.
Last Monday, CNBC reported that “Celsius, a controversial cryptocurrency lending platform, said Monday it was pausing all withdrawals, causing more pain in the fragile crypto market. Celsius is one of the largest players in the nascent crypto lending space, with more than $8 billion lent out to clients and almost $12 billion in assets under management as of May. The group, which offers users higher-than-average interest rates on their deposits, is essentially the crypto equivalent of a bank—but without the strict insurance requirements faced by traditional lenders.”…
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