Celsius (CEL), currently experiencing a mid crisis bounce. After registering for bankruptcy protection in the face of various probes, the token’s value transcended pressure and increased by more than 25 percent on Saturday.
Despite the present efforts of its management, the Celsius Network token is exhibiting indications of a revival, according to certain observers. In the past 24 hours, the price of a CEL has increased by approximately 80 percent.
CEL Up 30% – Bullish Run In The Offing?
CEL was trading at $0.73 at the time of writing, a 30 percent rise over its July 15 closing price.
Faced with skepticism and a growing number of withdrawal stoppage, CEL’s price soared from $0.64 to $1.53 on June 19 and June 20.
Celsius filed for Chapter 11 bankruptcy Wednesday night at the U.S. Bankruptcy Court, Southern District of New York. Last month , the company halted withdrawals, swaps, and transfers on its platform, claiming “extreme market volatility.”
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The worldwide cryptocurrency market capitalization was trading at $928 billion, up more than 3% in the previous 24 hours. The total volume traded in cryptocurrencies increased by almost 3%, to $77 billion.
The suspension of withdrawals by Celsius Network last month pushed the cryptocurrency market into a gloomy pit, as its bankruptcy petition disclosed $1.2 billion in faulty agreements.
This includes the liquidation of $840 million in Tether debt, $750 million worth of mining hardware, and the loss of 38,000 ETH because of staking.
It also has outstanding loans of $411 millions to customers who are secured with digital assets worth $765 million.
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CEL Seeking Steady Ascent
CEL seems to have experienced a typical price rally, seeing steady rises and falls over the last 30 days. CEL reached $1.53 per token on June 21st, but quickly reversed its course.
According to Santiment data, Celsius has been repaying its financial obligations since last week. On-chain analysis of CEL shows steady accumulation. The quantity of CEL tokens increased by 0.5% in the last three days, except for established exchanges.
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In the same way, Celsius volume has increased in recent months. The CEL volume was 18 million in the early morning hours of July 15. At press time, the same volume stood at 66 million. Variation in volume can be attributed to fluctuating investor sentiment.
The price of Celsius’ CEL cryptocurrency is increasing as a result of short sellers unloading CEL tokens on exchanges. Coinglass has reported that exchanges including Okex, FTX, and Huobi are experiencing short positions of more than 80 percent.
Featured image by HowStuffWorks. Chart from TradingView.com.