Why is Celsius (CEL) crypto falling?

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Why is Celsius (CEL) crypto falling?

Why is Celsius (CEL) crypto falling?
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Highlights
  • Celsius is a banking and financial services platform launched in 2018.
  • It offers loans and wallet payment services to cryptocurrency clients. 
  • CEL is the native token of Celsius used for internal functions, including payments. 

In a rare move, on June 1, Celsius shared its customer care contact number on its official Twitter account. Celsius also said that its co-founder Nuke Goldstein would discuss the future of Web3 at 12 pm EST on Friday. 

One would expect positive gains for the token after these positive developments, but in contrast, Celsius (CEL) token fell 9.42% to US$0.7137 at 7:11 am ET. The global crypto market also fell 4.36% to US$1.24 trillion on Thursday morning.

Comparably, the CEL token grew 7.48% in a week, whereas the crypto market increased 1.37% during the same period. Let’s understand what Celsius is and what it offers.

What Is Celsius (CEL), and what does it offer?

Celsius is a financial services platform launched in 2018. It offers loan and wallet payment services to cryptocurrency users. It reimburses them the interest amount on their holdings.

Celsius gives out 80% of the interest payments to users and keeps the rest. It does not charge fees and penalties from users.

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It aims to outperform banks in financial services through products and services that traditional institutions do not offer. For example, higher returns on savings and deposits, easy loan requirements, and algorithmically computed automated rewards for users. 

The platform offers asset-backed loans to institutional entities.

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Besides lending, it offers a free swapping facility. Its Swap in-app feature is now expanded to more than 30 US states and other locations overseas. It provides around 40+ pairs for swapping. 

It offers loans at a minimum of 1% APR (annual percentage rate), and one can earn APY (annual percentage yield) of up to 17%.

Celsius was founded by Alex Mashinsky and Daniel Leon. Mashinsky has a long experience in the internet development sphere with seven startups and 35 patents to his name. On the other hand, COO Daniel has a vast experience in early age startups.    

Also Read: Why is SKALE Network (SKL) crypto rising?

Why is Celsius (CEL) crypto falling?Data Source: coinmarketcap.com

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CEL Token:

CEL is the native token of Celsius used for various internal functions, including payouts. Its circulating supply currently is 238.86 million, and the total supply is 695.66 million.

Celsius is ranked 154th by market cap. The CEL token has a market value of US$170.4 million. It can be traded on crypto exchanges like FTX, OKX, ByBit, Bitget, and DigiFinex.

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Its 24-hour trading volume increased by 10.27% to US$7.07 million in 24 hours. 

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Bottom line:

Celsius can be traded in more than 100 countries. In May last year, it launched its new web app, which one can download on any device. Its website shows that it processed over US$8.20 billion in loans and has more than two million community members.

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