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- 1 Delio announced that it would pause its withdrawal services due to the volatility of the market.
- 2 Bitcoin slipped below $25k for the first time since January 1, 2023.
Delio, a South Korean crypto lending service provider, announced on June 14, 2023, that it would pause all its withdrawal services before June 15. The service provider requested users to stay tuned and wait for the following announcement.
According to Delio, the primary reason to halt the services is because the crypto investment company Haru suspended digital asset deposits and withdrawals. This caused an increase in market volatility which is why Delio has paused withdrawal services.
As per a statement from Jung Sang, Chief Executive Officer of Delio, the problem arose after an increase in withdrawals following Haru’s halting of its services. A regional media outlet revealed that there were transactional connections with Haru, but Delio could not state the amount.
Withdrawal Suspension Notice
— Delio Global | Web3.Crypto (@happydelio) June 15, 2023
As a result of the recent suspension of digital asset deposits and withdrawals at Haru Invest, there has been a rapid surge in market volatility and a state of perplexity among investors.
To ensure the preservation of our valued customers' assets,…
Delio’s website states that it provides lending and borrowing services and offers a yield of up to 10.7%. As per the company’s claims, from its inception until the present day, it has processed around $1 billion worth of Bitcoin, $205 million worth of Ethereum and more than $6.2 million in altcoins.
The ongoing volatility of the crypto market is troubling companies, investors, and consumers. It is not the first time that a lending and borrowing platform has paused its services due to market volatility.
SEC’s Decisions Constantly Pushing Crypto Market Downside
Since the last few years, interference from the U.S. Securities and Exchange Commission (SEC) has increased, troubling dozens of crypto-focused companies. Earlier, the SEC filed a lawsuit against Coinbase and some other leading crypto exchanges.
Following the SEC’s actions, some leading tokens and coins such as Solana, Cardano, Ethereum, Dogecoin, Shiba Inu, and XRP suffered the most and lost 5-28% on a weekly basis. One of the possible reasons for the downfall might be the labeling of coins and tokens as securities.
Over 50 digital assets including Cardano, Solana, and others, have been labeled as ‘securities’ by the SEC. Subsequently, famous crypto services provider Robinhood delisted some of these tokens from its platform.
It is not the first time the SEC has accused cryptocurrency exchanges of selling unregistered securities. Some of these exchanges are legally fighting the SEC, and others have filed for bankruptcy or wrapped up their operations in the United States.
According to CoinMarketCap, the leader of all cryptocurrencies, Bitcoin slipped more than 5.50% weekly and 4.09% intraday. At press time, BTC was trading at $24,873 with a trading volume of $16 billion.
When it comes to intraday trading volume, BTC is ranked 2nd as the first position was acquired by Tether(USDT). USDT’s 24- hours trading volume was $28 billion, and its market capitalization was $83 billion. Crypto’s overall market capitalization is constantly tumbling following the SEC’s decision. It has slipped more than 4% in the last 24 hours and 5.03% weekly.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
