Why Celsius Crashed 97% From All-Time-High and Will Never Recover

Celsius has recently recorded a low of just $0.17 from an all-time-high of $7.4 exactly one year ago. A 97% crash during a bear market is potentially catastrophic for the project itself as well as all stakeholders involved.

However, with Celsius — the signs were already there. This article is a deep-dive into the Celsius ecosystem, their product offering, and the main causes that led up to their Collapse.

What is Celsius?

I would first like to point out a crucial fact that has indirectly contributed to Celsius’ collapse. What Celsius is versus what it portrays itself to be are two very different and paradoxically opposed things.

Celsius is a lending platform that enables users to receive interest on deposited crypto or take out crypto collateralized loans. You will be forgiven if this sounds to you like a bank, but according to their founder and spokesperson Alex Mashinsky — Celsius is on a mission to “unbank” society.

Celsius exists as an alternative to the established international banking system, and promises a fairer banking experience, but without ever referring to itself as a bank. This is effectively what allowed Celsius to exist in the first place. Celsius’ promise is to provide competitive banking services —…