Celsius token price drops below $0.60 for first time since September 2020

Celsius (CEL) is trading below $0.60 today amid a broader market downturn throughout May.

As of this morning, celsius was trading at $0.58, down from $0.70 just 24 hours before, according to data via Coingecko. Friday’s losses mean that celsius is down just over 30% in the past week from $0.83 on May 20.

This drop leaves celsius at its lowest levels since September 17, 2020, when it last traded below $0.60.

The drop in Celsius’s token price comes after the collapse of the Terra ecosystem. The collapse pushed crypto prices mostly lower through the whole digital asset space. 

Celsius has also been lowering its savings rates throughout the year as bearish sentiment spreads across the crypto and broader financial markets.