Crypto News- CEL, the native coin of the troubled Celsius banking and financial platform, is currently grappling with a slew of issues that have adversely impacted its value. Recent reports highlight the alarming presence of hackers who have set their sights on the Celsius community, sending phishing emails to unsuspecting participants who were eagerly anticipating a proposed reimbursement.
Celsius Price Analysis: Should You Consider Selling CEL Amidst its Ongoing Decline?
The unfortunate slide in CEL’s price commenced back in June 2021, coinciding with Celsius’ tumultuous financial woes during the 2021 cryptocurrency market crash. This period was marked by a distressing 95% decline in CEL’s value, spanning from June 2021 to January 2023, although a glimmer of hope emerged between July and September 2022 when there was an attempt at recovery. However, by the dawn of January 2023, CEL’s price had withered away to a mere $0.6, a stark contrast to its previous all-time high (ATH) of $8.02.
In a surprising turn of events, despite a broad market resurgence in the first quarter of 2023, CEL was conspicuously absent from the ranks of tokens experiencing price surges. As of January 1, CEL kicked off trading at a modest $0.4233, momentarily reaching a yearly pinnacle of $0.673 by January 27, only to embark on a sustained downward trajectory. This protracted decline has resulted in an 87% loss of value from its yearly high.
Regrettably, Celsius remains ensnared in a web of challenges, grappling with recurrent phishing attacks and relentless hacking attempts. The platform fell victim to a recent phishing assault in which hackers posed as the bankruptcy claim agent for Celsius, seeking to deceive claimants and abscond with their funds.
The cumulative impact of these persistent adversities has eroded the confidence of investors, manifesting itself in the continuous depreciation of CEL’s price and diminished network activity. As of the moment of this composition, CEL was exchanging hands at a meager $0.139, leaving holders in a state of uncertainty about whether the window of opportunity to sell for substantial returns has firmly closed.
In conclusion, the assortment of challenges besieging Celsius and its native coin CEL has precipitated a marked depreciation in value and a prevailing sense of apprehension among investors. This predicament presents a formidable obstacle for the platform as it endeavors to chart a course towards recovery and rehabilitation.
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