Why did the market tank after the carnage at the major crypto bank Celsius?

3 answers

• Ali MamloukOct 28, 2023 · 2 years ago
  The market tanked after the carnage at Celsius due to the loss of trust and confidence in the cryptocurrency industry. Investors were concerned about the security and stability of their assets, leading to a mass sell-off and a decline in prices. Additionally, the incident at Celsius highlighted the potential risks and vulnerabilities in the crypto banking sector, causing panic among traders and investors.
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• Akshay KabraOct 21, 2020 · 5 years ago
  The market took a nosedive after the chaos at Celsius because it exposed the fragility of the crypto ecosystem. The incident raised questions about the reliability of crypto banks and their ability to safeguard users' funds. As a result, many investors decided to exit their positions, triggering a downward spiral in the market. It serves as a reminder that the crypto industry still has a long way to go in terms of establishing trust and stability.
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• Scarlett LevyJun 21, 2021 · 4 years ago
  Following the carnage at Celsius, the market experienced a sharp decline as investors rushed to liquidate their holdings. This knee-jerk reaction was fueled by fear and uncertainty surrounding the safety of funds stored in crypto banks. The incident served as a wake-up call for the industry, highlighting the need for stronger security measures and regulatory oversight. It's crucial for investors to conduct thorough due diligence and diversify their holdings to mitigate potential risks in the volatile crypto market.
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