ETH - What Does the Celsius Crisis Mean for Ethereum?
With the total cryptocurrency market cap down a staggering 59% year to date (to $900 billion), we are in a crypto bear market. And the possible collapse of blockchain-based lending platform Celsius (CRYPTO: CEL) could turn it into an ice age.
What does this crisis mean for Ethereum (CRYPTO: ETH) and the crypto industry as a whole?
Founded in 2017, Celsius is a crypto lending platform that allows users to earn passive income by depositing cryptocurrency in return for competitive interest rates. It was able to offer annual yields of over 18% for some of its more volatile coins. And -- surprisingly -- it even boasted potential returns exceeding 9% for mainstream assets like Ethereum and several stablecoins, a type of digital asset pegged to real-world currencies like the U.S. dollar.
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What Does the Celsius Crisis Mean for Ethereum?