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Mr. McClure, I have a crazy friend who says crypto is just a big scam

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Is he crazy?

No Jimmy — just ignorant!

Binance on Monday halted withdrawals of bitcoin for several hours after crypto lender Celsius also blocked customers from pulling funds from its platform, citing “extreme market conditions”, while digital assets slumped in price. Bitcoin, ether and other major tokens have wobbled in recent weeks while inflation has surged and major central banks have signalled they will cut back stimulus hard. But they dropped sharply again on Monday on growing signs that the infrastructure underpinning the digital asset market is creaking under the strain. Binance blamed a “stuck transaction” for its suspension.

Bitcoin, the world’s most actively traded cryptocurrency, has dropped almost 20 per cent since Friday to below $24,000, its lowest level since December 2020, according to CryptoCompare data. Meanwhile, the value of the broader crypto market has fallen from a peak of $3.2tn in November to around $1tn on Monday. Celsius is one of the biggest players in the market for digital yield products, providing users with the ability to lend out their tokens as collateral for other crypto projects. In return for lending their tokens, traders were able to earn annual yields of as much as 17 per cent.

You can be sure a market is just totally on the up and up when you can only get your money out when the price isn’t falling too fast.

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