as a"tough week" in which Celsius"took quite a beating." But,"anyone who wanted to withdraw funds was able to do so," Mashinsky told viewers.with InvestAnswers."[Cel'’s] not connected [to the business], we don't protect the cel token, it has its own life," said Mashinsky."If too many people show up to sell and not enough people show up to buy, cel will go down in price.
Last year, as the bitcoin and wider crypto market went into meltdown following China's expulsion of crypto miners and traders, the cel price remained stable. Explaining cel's"unique mechanism of self-correction," Mashinsky described how Celsius supports the cryptocurrency by buying more of it every week to meet demand.
"Our flywheel is more users who bring more assets, which means more yield, which means we have to buy more cel. So when we earn that yield on bitcoin, ethereum and so on and those people chose to earn and sell, [Celsius] has to buy more cel tokens."revealed Celsius had put $500 million into terra’s high-yield Anchor Protocol in recent months, managing to withdraw it ahead of the complete collapse of luna, UST and the terra ecosystem.
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