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Benzinga
Benzinga
Business
Shiv Juneja

Why Is Celsius Token Crashing? Ethereum's DeFi vs. CeFi Lending, Explained

Celsius DeFi Celsius Network

Celsius Token (CRYPTO: CEL) has plunged over 60%, as Celsius Network pauses withdrawals, given turbulent market conditions.

What Happened: Given extreme market instability, in an endeavor to “stabilize liquidity”, Celsius announced that it would be halting user transfers, withdrawals, and swaps. This effectuated a steep price fall from $0.49 to $0.15 on Monday for the network's token.

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