‘Sharks of Wall Street' are causing instability in the crypto market: Mashinsky

Alex Mashinsky has declared clearly that opportunistic short-sellers on Wall Street are to blame for the market’s poor price action.

“The Sharks of Wall Street,” according to Alex Mashinsky, CEO of Celsius, a crypto lending and staking platform, can smell blood in the water and are causing instability at various crypto companies.

Mashinsky has someone to blame on

CEL has fallen 90 percent from an all-time high of $8.05 to $0.82.’

Some Celsius users claimed the platform liquidated their holdings as CEL fell during a Twitter Spaces event on Tuesday.

They claimed that when the price declined, trade was illiquid, increasing their losses, and that Celsius should have supported the currency.

CEL has been impacted by the wider crypto crash as a result of Terra’s demise, according to Mashinsky, who believes the company was targeted.

According to Mashinsky, short-sellers on Wall Street are to blame for recent Celsius (CEL) price declines, Tether (USDT) depegging, and Terra (LUNA) collapse.

“This isn’t a mistake.”This is the same person that declared, “You know what? At the time, I said, “I’m going to take down the entire Celsius.”

“It has nothing to do with regulation”

Mashinsky was approached for more information. He explained that Wall Street was deliberately trying to profit by increasing crypto’s troubles.

“They took Luna out. Tether, Maker, and a bunch of other startups were tested. He stated, “It’s not just us.”

He clarified when asked if he meant regulators or the funds suspected of targeting Terra: “It has nothing to do with regulation.

Short sellers are simply looking for flaws in the market.”

Mashinsky also took issue with Barron’s article headlined “Celsius Faces a Revolt as a High-Yield Crypto Declines” about the Spaces incident.

“After two guys on Twitter complained about being liquidated after acquiring a margin loan,” he added, “Barrons released this piece.”

CEL’s price has been progressively falling throughout the year, according to reports, from a high of $4.38 on January 1 to a low of $0.82 today.

Some CEL investors and stakeholders expressed their discontent with the stock’s price performance in an AMA on May 19.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing