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Crypto firms feel the heat as sell-off continues, prices fall
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Celsius, BlockFi and Babel had to suspend withdrawals due to "extreme market conditions" and tremendous liquidity pressures.
PHOTO: REUTERS
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SINGAPORE - Promises of outsized returns by some of the biggest names in digital currencies have helped trigger the carnage now roiling the cryptocurrency market.
Beleaguered United States-based exchanges Celsius Network and BlockFi and the troubled hedge funds Three Arrows Capital and Babel Finance have all felt the heat in recent weeks as the crypto market sell-off continues and prices fall.
