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Altcoin price recovery continues, but Celsius gets hammered


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The altcoin price recovery continued Monday, but the Celsius Network coin got hammered. Photo: Getty Images

The overall altcoin price recovery continued Monday despite  considerable cryptocurrency market turmoil – with one notable exception.

The Celsius Network coin (CEL) got hammered as several coins other than bitcoin (BTC) posted increases even though uncertainty about crypto lenders continued to reign.


Lender sparked sell-off

Celsius launched a market-wide sell-off early last week by freezing deposits and transfers between its 1.7 million customers. The coin gained Friday, but investors cooled to it Monday after Celsius said it needs more time to sort out its financial woes.

“We want our community to know that our objective continues to be stabilizing our liquidity and operations,” Celsius said in its blog. “This process will take time.”

The market also reeled as crypto hedge fund operator Three Arrows grappled with financial difficulties that were finally revealed on Friday.  The company’s co-founders said they are considering asset sales or a potential bailout from another firm.


MakerDAO bars DAI coin

According to data, AAVE was one of the biggest gainers among leading altcoins as it rose about 12% to surpass the $60 mark in afternoon trading in North America.

AAVE’s increase came after Bloomberg reported on the weekend that decentralized finance (DeFi) platform MakerDAO prevented the DAI stablecoin from being minted and deposited on the AAVE blockchain. A DAO, or decentralized autonomous organization, acts like a company, but without centralized leadership, and collectively sets the direction of the group and its crypto products and services.


Synthetix posts big gain

Lesser-known Synthetix (SNX) was up about 50%. According to CoinMarketCap, SNX had trading volume of about $509m, which according to CoinMarketCap. SNX ranks 89th in market capitalization.

Elrond (EGLD) picked up where it left off Friday, climbing approximately 5%. But Helium (HNT) was well down after gaining Friday.

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BTC and ether (ETH), the coin backed by the Ethereum blockchain network, also dipped as investors continued to monitor their prices closely. Ether, often referred to as Ethereum fell below $900 on the weekend but managed to get above $1,000 again.


Ether faces downward pressure

“The development of Ethereum’s price action suggests that another clear lower high has been formed that could reverse back to the downside,” bitcoin educator and evangelist Andreas Antonopoulos told follower of the Encrypted Technology channel on WhatsApp.

“Therefore, we expect ETH to push back to the current lows of $900 in the next few days.”

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