CEL Token Price Plummets 50% As Celsius Goes Bankrupt
14 Julho 2022 - 6:45AM
NEWSBTC
After the Celsius Network’s decision last month to freeze all
transactions and withdrawals, the whole cryptocurrency market
plummeted into a deep and gloomy sinkhole. This week there was some
good news, when Celsius paid off its remaining $41.2 million debt
to the DeFi protocol MakerDAO. This payment allowed Celsius to
release $448 million in collateral. However, it appears that this
will be the only positive development from the U.S. crypto lender
in the coming days or months. After weeks of conjecture and
hearsay, Celsius’s legal counsels have formally informed regulators
that the cryptocurrency lender has filed for Chapter 11 bankruptcy
protection. Suggested Reading | Loopring Wobbles In Last 2 Months –
Can LRC Stay In The Loop? CEL Loses Half Its Value After Bankruptcy
News Following the disclosure of bankruptcy, CEL, the native
cryptocurrency of Celsius Networks, lost half of its value from its
intraday high of 95 cents and down to 45 cents. In the last month,
there has been an increase in the number of cryptocurrency-related
failures. After the crypto hedge fund Three Arrows Capital and the
crypto lender Voyager Digital, Celsius becomes another domino to
fall in the bankruptcy abyss. Since June 20, the price of CEL has
nearly grown four-fold due to what appears to be a fervor
caused by futures and derivatives traders. CEL rose from $0.28 on
June 15 to $1.56 on June 21, a 456 percent increase compared to the
market’s 12.36 percent increase during the same timeframe. In May,
Celsius had only $12 billion in assets, which was about half of
what it had at the start of the year. After that, the firm ceased
revealing its assets under management (AUM). Suggested Reading
| Ethereum (ETH) Continues To Lose Luster, Drops Below $1,100
Support BTC total market cap at $378 billion on the daily chart |
Source: TradingView.com Celsius Was A Crypto Industry Powerhouse
CEL remains under pressure to the downside as it trades roughly 80%
below its April 2018 high of $8. At its prime, Celsius was a
cryptocurrency industry titan. It had more than 1.7 million users
worldwide and assets of more than $20 billion. The company
achieved success as a result of offering investors yields in the
range of 18 percent. What then happens to the CEL token? The value
of CEL has decreased significantly since Celsius ceased operations.
This does not, however, imply that the token will plunge to
zero. Indeed, it could garner renewed attention from pump-and-dump
traders. Meanwhile, Celsius asserts that it has $167 million in
ready cash, which will be used to support some operations
“during the reorganization process.” Featured image from CoinQuora,
chart from TradingView.com
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