This news could be better: Celsius Network Freezes Withdrawals. Celsius Network is a significant player in the cryptocurrency field. Freezing withdrawals will signal that centralized crypto platforms and the possibility of cryptocurrency is unsafe.
When Celsius Network Freezes Withdrawals, What Is The Future Of Cryptocurrency?
Well, that’s the message I received, and I will tell you what I am doing.
Can’t Withdraw Money From Celsius Network?
Celsius Network is claiming:
Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts.
https://www.wsj.com/articles/big-crypto-lender-celsius-freezes-all-account-withdrawals-11655096584
What Happened To The Crypto-World?
There has been negative news about some cryptocurrencies losing value; questions have come up about how much assets borrowers hold, and the rumor mills are running full speed.
There is a serious concern that a stable-coin like TerraUSD is losing value. A stable-coin losing value needs to be clarified for me. My understanding is that stable-coins are supposed to be secured with something more tangible, like the US dollar, oil, gold, etc.
These events are concerning me…
What About BlockFi?
I bring this up since I have a lot of money deposited on BlockFi’s platform. I Yield Farm In Cryptocurrency.
I understand that BlockFi takes deposits and concerns cash into Gemini Dollars (GUSD), which are loaned out to borrowers and secured through leveraging.
People can only borrow cryptocurrency if they secure their position with more cryptocurrency.
Since my money was converted into a stable-coin, the money I deposited would retain value, especially with steps taken by BlockFi to ensure borrowers have money to secure their loans.
Again, TerraUSD losing value has me concerned. If a stable-coin can lose value, can this extend to Gemini dollars? Or, more importantly, my money.
Steps I Am Taking On BlockFi.
I recently withdrew about 1/2 of my total position on BlockFi. The higher interest rates are very tempting, and I will miss them. I’m overreacting if this is panic and under-reacting if there is a real danger of losing my money.
Why Only Half?

Feeling dumb but unsure why I picked half. If something happens to BlockFi, I still lose about half a large amount of money, and to me, it’s a large amount, almost life-changing.
Crossing my fingers pulled the trigger too soon and will continue to listen to the news.
About The Celsius Network Withdrawal Freeze.
I talked earlier about finding someone at work which follows crypto. Like I Crypto Yield Farm on BlockFi and Outlet Finance, he too Yield Farms Cryptocurrency on Celsius Network.
He shared a Celsius Network referral link with me, so we both could get bonus money with my sign-up and depositing a minimum balance in my Celsius account.
Well, I never deposited any money into Celsius. Initially, I needed the $400 to get the $50 bonus. Well glad I dragged my feet in getting money together for that deposit.
I was curious to know if Celsius Crypto was a good investment.
I worry about my coworker and will not pry too much since he might panic, but I plan to ask how he is doing.
If you have feedback or better information about what is happening with the Crypto-World, please comment below.
Good Luck!
![]() Myself with an interesting Bull Sculpture. Notice: No Lambo’s. :/ | Hi I’m Tom, A Blogger And A PIG Farmer. PIG Farmer as in I grow Passive Income Generators(PIG’s). I’ve been playing with stocks, mutual funds, and options for decades, as well as always working on my side hustle stacks. Unlike what you read online, I’ve yet to find a way to get rich quickly. Get Rich Quick isn’t happening for me. My journey has been long and continues. I hope to have so many PIGs I can stop working at my current job and volunteer as a medical worker overseas. Still waiting, but getting there. I still am a family man, and while on this Journey of Growing PIGs. I wanted to share my adventures(ups and downs), hoping you will contribute with your feedback and comments. Fun Fact: In my spare time, I am a Band-Dad! |