Speaking with Kitco News, Celsius Network CEO Alex Mashinsky discussed his belief that the crypto markets will recover and the thought that even inflation is not a long-term concern. The CEO of Celsius pointed out that if you’ve been following the market closely over the past couple of days, there have been green candles on Wall Street but red candles on crypto, and he attributes this disparity to the fact that $1.8 billion worth of expirations is happening today (May 31). He added:
Bitcoin hits new records but not for the good
Notably, Bitcoin touched eight red weekly candles and was pushing towards nine, which was new for the record books. Talking about this fear in the market, which saw the sentiment likewise touch lows Mashinsky noted that even JPMorgan (NYSE: JPM) is getting more involved in crypto. Strategists at JPMorgan Chase claimed last week that Bitcoin has “significant upside potential” and, in turn, helped shift market sentiment this week. On May 30, the cryptocurrency market cap saw a $60 billion inflow in 24 hours as Bitcoin neared $31,000, and today, that momentum remains within the market. Indeed the global crypto market is now up 3% in the last 24 hours at $1.3 trillion, while Bitcoin is also up 3%, trading at $31,634.
Celsius token loses 60% in May
Interestingly, when Bitcoin’s price dropped below $30,000 and drawdowns were seen throughout the market as a whole, problems seemed to have begun at Celsius. A writer by the name of Jacob Silverman noted on Twitter that the assets under management at Celsius had decreased by $5 billion in a short period of time. The CEL token was down a painful 63% over two weeks, as users stated that the trade was illiquid as the token price began plummeting, which further compounded investors’ losses. Watch the video: Celsius CEO discusses the crypto market rebound
