![]() In such uncertain times, exceptional service is of even greater importance. As usual, we are processing 99% of all withdrawals within 24 hours, even though some can take up to a maximum of 72 hours. “First and foremost, we want to reassure our customers that the current market conditions have little or no impact on Cake’s daily business. In the latest announcement, Cake DeFi reassured its users and said: Cake DeFi, a Singapore-based DeFi platform, has aced the timing brilliantly in restoring the lost trust in this deteriorating market, especially for the DeFi community. Meanwhile, market participants are searching for a glimmer of optimism to keep sailing. ![]() While the market was getting a grip on the Terra bloodbath, Celsius (CEL), another top DeFi protocol, unleashed another bomb on 13 June by declaring total suspension on all withdrawals, swaps, and transfers between accounts indefinitely. In the second week of May, Terra (LUNA) and sister stablecoin UST entered a downward spiral, and both the coins lost a massive chunk of their value as the algorithmically-designed UST lost its peg to the USD.Īfter the devastating failure of the biggest DeFi project by market size, investors were startled about the future of DeFi and began pulling off the markets. Moreover, the entire massacre prompted severe concerns in the market, and the global crypto market shrank under $1 trillion and hit $951 billion, a level last witnessed in January 2021. Meanwhile, Bitcoin (BTC) tumbled to December 2020 levels and fell to an 18-month low of $20,950 on 14 June. Amid the looming risks of global recession and inflation in the US hitting a 40-year high, hundreds of billions of dollars have been wiped out from the cryptocurrency market in the previous two days.
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