What caused the carnage at the major crypto bank Celsius that tanked the market?

3 answers

• Cabdiqani AbcSep 10, 2024 · a year ago
  Well, it appears that the carnage at Celsius was primarily caused by a combination of factors. One of the main reasons was a sudden and unexpected sell-off of a large amount of crypto assets by Celsius. This created a panic in the market, leading to a sharp decline in prices. Additionally, there were rumors of internal issues within Celsius, such as mismanagement and potential security breaches, which further eroded investor confidence. The combination of these factors resulted in a significant market downturn.
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• Tanpreet Kaur Year 10May 30, 2024 · a year ago
  The carnage at Celsius that tanked the market can be attributed to a perfect storm of events. Firstly, there was a general sentiment of fear and uncertainty in the crypto market, which made investors more susceptible to panic selling. Secondly, Celsius faced a major liquidity crisis due to a sudden surge in withdrawal requests, which forced them to sell off a large amount of crypto assets at once. This flood of supply overwhelmed the market and caused prices to plummet. Lastly, the lack of transparency and communication from Celsius during this crisis only fueled the panic and worsened the market downturn.
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• Thuesen RiversOct 10, 2023 · 2 years ago
  As an expert in the crypto industry, I can tell you that the carnage at Celsius was indeed a significant event that had a ripple effect on the entire market. Celsius, being one of the major crypto banks, held a substantial amount of crypto assets. However, due to internal issues and mismanagement, they were forced to liquidate a significant portion of their holdings. This sudden sell-off created a domino effect, triggering panic selling among other investors and causing the market to tank. It's crucial for crypto banks like Celsius to have robust risk management systems in place to prevent such incidents from happening in the future.
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