Celsius is a basically an online crypto bank, you can sign up for an account and deposit your USD or crypto to get a high yield of over 18%~!! Woohoo!!! Join the crypto cult and get rich! Crypto will change the world, gone are the days of traditional banks… join us or you will have fun staying poor!
Basically Celsius is facing a Bank Run as investors all want to withdraw their crypto and tokens at the same time.. they are unable to meet all the demands so they quickly stop all withdrawal… it could be their holdings are illiquid or they do not have enough assets in their balance sheet to pay out everyone aka another Terra/Luna incident
CEL token was at 4 dollar level earlier this year and has crashed over 90% to below 20 cents.. aka Toilet paper… sounds familiar? one by one all these Mega Crypto projects are exploding and now nothing feels safe in the crypto world… all the crypto newbies are getting scared and just selling off… they just want their cash back…