Celsius (CEL) Token Plunges Amid CEO Mashinsky’s Legal Battle and DOJ Sentencing Push
The CEL (Celsius) token dropped over 13% to around $0.103 following renewed legal turmoil involving former Celsius CEO Alex Mashinsky. The decline came after Mashinsky’s legal team publicly criticized the U.S. Department of Justice’s (DOJ) call for a 20-year prison sentence, which they deemed excessively severe. Mashinsky pled guilty to manipulating the CEL price and fraudulently selling $48 million in tokens before the Celsius Network’s bankruptcy in 2022. This ongoing legal confrontation, and the uncertain outcome set for May 8, have heightened regulatory scrutiny of crypto platforms and raised concerns about corporate governance and transparency in the sector. Analysts caution that CEL could face further downside risk if it breaks below the $0.087 support, with trading volumes and technical indicators reflecting increased investor caution. CEL is now nearly 99% below its all-time high of $8.02. The continued volatility and regulatory pressure may further erode investor confidence and directly impact CEL price movements and trading activity.
Bearish
The negative legal developments involving Alex Mashinsky and increased regulatory scrutiny have led to a sharp decline in the CEL token’s price. Market sentiment remains highly cautious, as reflected in technical indicators and low trading volumes. CEL is trading near critical support levels, and any further negative legal or regulatory outcomes could trigger additional declines. The token’s dramatic fall from its all-time high and the persistent uncertainty surrounding Celsius Network suggest continued downside risk for traders. Overall, the outlook for CEL remains bearish due to prevailing legal uncertainty and eroding investor confidence.