The Celsius degree (CEL) is currently experiencing a rebound in the middle of the crisis. After filing for bankruptcy protection in the face of various investigations, the value of the token exceeded pressure and increased by more than 25 percent on Saturday.
Despite current efforts to manage it, the Celsius network token is showing signs of recovery, according to some observers. In the past 24 hours, the price of CEL has increased by nearly 80 percent.
CEL up 30% – upside in minus?
CEL is trading at $0.73 at the time of writing, an increase of 30 percent from its closing price on July 15.
In the face of uncertainty and an increasing number of withdrawal stops, the price of CEL rose from $0.64 to $1.53 on June 19 and June 20.
Celsius filed for Chapter 11 bankruptcy late Wednesday in US Bankruptcy Court for the Southern District of New York. Last month, the company suspended withdrawals, exchanges and transfers on its platform, citing “extreme market volatility.”
The worldwide cryptocurrency market cap was trading at $928 billion, up more than 3% in the past 24 hours. Total cryptocurrency trading volume increased by nearly 3% to $77 billion.
The suspension of withdrawals by Celsius Network last month pushed the cryptocurrency market into a pit, as a bankruptcy petition revealed $1.2 billion in flawed agreements.
This includes the liquidation of $840 million in Tether debt, $750 million in mining equipment, and the loss of 38,000 ETH due to the bet.
In addition, it has $411 million in loans owed to retail clients, secured by $765 million in digital assets.
BTC total market cap at $397 billion on the weekend chart | Source: TradingView.com
CEL see steady rise
The CEL price rally appears to be quite typical, as the coin has seen consistent highs and lows over the past 30 days. On June 21, CEL peaked at $1.53 per token before quickly reversing course.
Meanwhile, since Celsius began paying its financial obligations last week, on-chain analysis for CEL has shown a steady backlog, according to data from Santiment. Outside of existing exchanges, the amount of CEL tokens has increased by 0.5 percent over the past three days.
Likewise, the percentage size has been increasing recently. CEL volume reached 18 million in the early morning hours of July 15th. At the time of publication, the volume itself is 66 million. Variation in volume indicates volatility in investor sentiment.
The price of the CEL cryptocurrency is rising as a result of short sellers dumping CEL tokens on exchanges. Coinglass reported that exchanges including Okex, FTX and Huobi are seeing over 80 percent sell offs.
Featured image from HowStuffWorks, chart from TradingView.com