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Major crypto lender Celsius freezes withdrawals as markets tumble

LONDON (Reuters) -Major U.S. cryptocurrency lending company Celsius Network on Monday froze withdrawals because of “extreme market conditions,” in the latest sign of pressure on the sector from tumbling crypto markets. Celsius Network, a significant player in crypto lending, offers interest-bearing products to customers who deposit their cryptocurrencies with the company, and lends out crypto currencies to earn a return. The Celsius move puts the spotlight on the sustainability of crypto lending firms after a period of breakneck growth last year fuelled by low interest rates and booming crypto markets.

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