The Terra-UST collapse has led to a cascading effect in the cryptocurrency space which does not appear to have settled. As Celsius Network reported a liquidity issue, the withdrawals & transfers were halted. Nonetheless, as it filed for bankruptcy, the trouble raised notably which peaked as the United States regulatory authorities tightened their grip over the platform.
Nonetheless, in a recent update, Canada has likewise joined hands with the United States and investigated the impact of the multi- Billion dollar collapse on the users. No doubt celcius never registered with Canada’s regulatory authorities, the country’s authorities are working with SEC to check the trans-border issue.
celsius network which once had $28 Billion in assets under management, lost greater than 88 percent of its assets during the mid-June collapse. Nonetheless, the platform owes its users greater than $4.7 Billion which includes $150 Million of investors’ funds too.
Celsius (CEL) Price Analysis
- Celsius Network price is undergoing a parabolic recovery since then the crypto token crashed in May
- The community reportedly carried out a couple of short squeezes to uplift the price which has induced a notable positive trend momentum
- The fresh price slash driven by the market sentiments may drag the price slightly lower but the investment may withstand the bearish pressure and boost high very soon
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