The worldwide cryptocurrency market capitalization is at $892 billion, down from $893.3 billion on Friday morning.
The Hong-Kong based cryptocurrency lender Babel Finance joined Celsius in the suspension of withdrawals, according to the company’s website.
“Due to the current situation, Babel Finance is facing unusual liquidity pressures. We are in close communication with all related parties on the actions we are taking in order to best protect our customers,” the statement reads.
It goes on to say, “During this period, redemptions and withdrawals from Babel Finance products will be temporarily suspended, and resumption of normal service be notified separately.”
Finblox, a Babel competitor, made the same move on Thursday, citing its ties to Three Arrows Finance (3AC), which is insolvent.
3AC confirmed Friday morning that it is exploring options not limited to asset sales and is seeking assistance from another firm to settle with its creditors, as the firm lost billions in the Terra/Luna collapse.
Bitcoin (CRYPTO: BTC), the most popular cryptocurrency, is down 1.74% in the last 24 hours after dropping more than 5% on Thursday. The coin is priced at $20,632.93.
Let’s take a peek at some of the other top cryptos.
Ethereum (CRYPTO: ETH)
The popular altcoin used mainly for the purchase of NFTs remains buoyant, floating around 52-week lows. The coin is trading at $1,083.68.
Solana (CRYPTO: SOL)
The “fast, secure, and scalable” coin is trading 0.18% lower in the last 24 hours, with prices hovering around $31.64 on Friday.
BNB (CRYPTO: BNB)
Binance’s native coin is trading 0.14% higher to $216.06.
Dogecoin (CRYPTO: DOGE)
The ever-popular altcoin is trading 1.31% lower to $0.056.
