One day after the news of the blocking of withdrawals on Celsius we are going to take stock of the situation, with particular attention to the consequences that the news has had on the price of Ethereum.
The crypto market is continuing to suffer from the continuous sell-offs of users. For one reason or another, the dynamic has been repeating itself for months now, and in this round the protagonist is Ethereum.
If the global economy is struggling with an unexpected level of inflation and the devaluation of the dollar, for the cryptocurrency sector the attention is turning to the Ethereum "lending and borrowing" market, which could create many problems.
Above all, by virtue of the fact that the collateral assets of the sector's platforms seem to be endangered by the continuous decline of ETH. If this continues to fall, a large number of positions could be liquidated, which would fuel a further decline in the market, as well as a massive outflow from decentralized applications. Meanwhile, commodities have started their rally (and that's not a good sign), with gold already gaining 3% in just 24 hours.
In addition, further risks on Ethereum relate to the loss of the peg of the stETH pair in ETH, caused by the massive sell-off and the lack of liquidity. The first, specifically, derived in turn from the drop in the profitability of staking for ETH 2.0. It is the liquid staking service, whereby users are allowed to block any amount of ETH for validation purposes, and thus receive the stETH token. Only with the realization of ETH 2.0, the old asset can then be redeemed.
This is why the collapse of Celsius had heavy repercussions on the price of Ethereum.
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