Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts

Christian Encila

1 year ago

2 mins read

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The native cryptocurrency of Celsius Network – CEL – has surged over 130 percent in the past 24 hours. The surge occurred as a result of the crypto market’s relief following many days of precipitous declines.

The Celsius token shed by more than half its value to reach $0.20 on June 13. Since then, CEL has gained an upward trajectory.

The price of CEL has increased by an astonishing 375 percent over the previous week, representing the most growth among the top 100 cryptocurrencies. As of the time of writing, the token’s average price is $1.51.

Celsius (CEL) 24-Hour Volume Skyrockets To Over 400%

Its 24-hour trading volume has ballooned to more than 400%, reaching $66.7 million. Approximately $1.78 million worth of CEL holdings were liquidated as a result of this large transaction, according to statistics from Coinglass.

The news that Celsius Network has begun re-paying some of its obligations, returning $10 million in DAI to Compound Finance, and its public commitment to cooperating with regulators to improve liquidity and operations could assist the broader cryptocurrency sector in gaining traction.

According to data from Etherscan, Celsius has made many other repayments and closed positions with lenders over the past week.

Crypto total market cap at $926 billion on the daily chart | Source: TradingView.com

The CEL token has experienced a dramatic ascent and fall over the past two weeks. A week ago, it was trading at roughly $0.3183 in the backdrop of the market slump that the Celsius team’s decision to cease crypto withdrawals is believed to have caused.

CEL Maintains Position In The Green

However, CoinMarketCap data indicates that Celsius remained in the green last week despite the majority of crypto markets being in the negative until two days ago.

In a recent blog post, Celsius notified the community that it will coordinate with regulators to to find a resolution to withdrawals, transfers and swaps that remained disabled.

Experts feel that the doubling of the CEL token price is the result of a short squeeze. Approximately 87 percent of the CEL tokens supply is apparently frozen on its own network, while withdrawals remain suspended. On the FTX platform, the Celsius token is being heavily shorted.

In a blog post dated June 20, the network stated:

“It has been one week since we paused withdrawals, Swap, and transfers. We want our community to know that our goal continues to be stabilizing our liquidity and operations. This process will take time.”

Featured image from Reader’s Digest, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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