💥 The Collapse of Celsius, Explained

Today's Highlights

• The impact of inflation on Crypto
• Blockchain jobs - a listing of fresh jobs related to web3/blockchain/crypto.
• In Other News - a few interesting developments we're tracking.

The impact of inflation on Crypto

2022 has been a bright year for cryptocurrencies in terms of technological developments. Great strides have been made in the Web3 world. But this has also been one of the worst years for cryptocurrency investors. Many promising projects have launched and then failed almost overnight. Celsius Network, which declared bankruptcy on July 13, is one of those projects.

Celsius was a company that wanted to operate like a traditional bank, but for crypto. It was considered as one of the leaders in the growing DeFi movement. By May 2022, it had over 1.3 million users and managed over $11.7 billion dollars in assets.

On June 12, the company released a statement that said that it will be freezing all assets which sent the price of Bitcoin, and other popular crypto, down. This action was supposedly due to extreme market conditions and so that they could stabilize their liquidity in order to protect their assets.

Soon after that, their company kept losing cash and by the time they filed for bankruptcy, they revealed that they only had $167 million dollars on hand. Celsius was also blamed by some experts to be a cause for the collapse of Luna, another project that infamously lost over $60 billion dollars overnight, but the founders denied any responsibility.

Experts are saying that the reason many of these crypto projects are failing is due to inflation. These uncertainties are causing many crypto holders to sell their coins. This period of inflation is expected to end at the middle of 2023, at the earliest, so only time will tell how many more crypto projects will crash and burn such as Celsius.

💡 Blockchain Jobs

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