CELSIUS REVIEW: Everything You Need To Know About Celsius Token

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CELSIUS REVIEW

Celsius is currently a trending topic in the Cryptocurrency globe as a whole due to the massive Market bearish condition which has equally sent cryptocurrency market capitalization below $1 trillion as of the time writing this post
This is a result of the announcement made by Crypto lending platform which put withdrawals, swap and transfer on hold due to the market condition. However it haven’t been stated when it will be restored.

Due to the announcement made the native token Celsius platform {CEL} fall below 50% in 24hrs and 70% in the last 8 days
Due to it’s fall many Crypto investors assumed that company is battling on liquidation due to the market dip that have sent Bitcoin to crash below $20,000 a price level which it hasn’t traded.

WHAT IS CELSIUS TOKEN?

Launched in june 2018, Celsius is a financial banking system and a platform as well for Cryptocurrency user’s. Which gives rewards for depositing, collection of loans, and wallet-style payment’s.
Celsius user’s recieves frequents payout and interest based on their Celsius’ Native Token they are holding.
However Celsius has a common goal of outsmarting banks in their own activities by giving out financial services on a top level that traditional financial institutions no longer offer. These features include high return rates on every deposit, savings, and more easier loan requirements. Celsius also function as a CelPay, which offer its own token which grants users to use it’s token for different transactions and earned interest for doing so. offering over 80% returns for using it’s token for transactions, and it’s also lends fund to institutional entities.

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WHY CELSIUS TOKEN PUT SWAPS, WITHDRAWAL AND DEPOSIT ON HOLD

As previously stated, the announcement made by Crypto lending platform {Celsius which put withdrawals, swap and transfer on hold due to the market condition. However it haven’t been stated when it will be restored. On a recent post on Celsius web page, they stated ” Acting in the common interests of our community is our major priority, and to manage risk. Celsius poseses various valuable assets and we are working tirelessly to meet our obligations.
They further explained that” We are working on stabilizing liquidations, Which will help to preserve the entire community assets holdings on the platform.
Regardless the withdrawal freeze the company took a pointable initiative to unstaked  $247 million in wrapped Bitcoin from Liquidity pool Aave and sent it to the FTX exchange. Besides the Wrapped Bitcoin sent, the company also have sent $74.6 milion in ether {ETH} to FTX.

WHAT YOU SHOULD KNOW ABOUT CELSIUS TOKEN

Tether {USDT} has an investment with Celsius. Tether Furtherly explained, that the current bearish Market condition on Celsius has no impact on tether stability reserves. The current Market condition of Celsius is as a result of Market Volatility.
Celsius seems to make a bullish upward trend, however questions are been asked as to what causes Celsius dip, which is in all ways causing waves in the Cryptocurrency Market leaving investors with no option than to sell off their celsius assets.


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