Celsius (CEL), which was recently featured in the news due to hearing updates regarding its bankruptcy filing and sale of stablecoins, has been high up on the media.
- CEL prices rise 30% in 24 hours
- Price declines by 13.21%, despite an improvement in social media metrics
- CEL performance will be affected by the ETH merger
Celsius Network recently filed for bankruptcy on July 31st and is currently in Chapter 11 proceedings. The network also sought court approval for plans to sell its stablecoins in order to increase liquidity for its operations.
After this approval by Martin Glenn (the U.S. preside judge), the money from stablecoin sales would be used to fund Celsius operations.
On October 6, New York, the hearing is scheduled for sale of stablecoins.
Agreement To Appoint An Independent Examiner
In September, The U.S. Trustee’s office together with Celsius’ committee consisting of creditors made an agreement to assign an independent examiner with the condition that they will restrict both the funding and time allotted to the examiner.
More so, the United States Trustee’s Office will be in charge of choosing the examiner. This was approved by the judge on Wednesday.
Celsius recently tweeted on September 15, highlighting their desire to work with the U.S. Trustee & Unsecured Creditors Committee and their dedication to improving network efficiency to better serve customers.
CEL Prices Down by 13.21% Despite Metrics Increase
CEL’s price has risen 30% due to the hearing events and recent developments. This is in addition to the increase of CEL stock prices over the last 24 hours. CEL social media metrics have also increased.
Also, social media engagement peaked at over 1.2 Billion showing an amazing growth of 32.26%.
Investors are concerned about altcoins despite the price rise and the increase in social media engagement.
CoinMarketCap reports that the CEL prices have fallen by 13.21%, with CEL trading at $1.70 in this writing.
CEL’s market cap has plummeted by 36.21%, as shown in August. Market dominance declined as much as 41.25%. Due to the high volatility, investors have become more cautious about making moves with this token.
CEL performance also suffers from the Ethereum merge. Celsius even tweeted that they were tracking the merger.
Investors should also consider the short squeeze as a warning, since history has proven that such movements can have a negative impact on investor portfolios.
Source: TradingView.com| Source: TradingView.com LedgerInsights Chart: TradingView.com Featured Image