Why Celsius Investors Don’t Seem Upbeat Despite CEL Rallying 30%
17 Septiembre 2022 - 4:56AM
NEWSBTC
Celsius (CEL) has been on the headlines recently in line with
hearing updates following its filing of bankruptcy and sale of
stablecoins. CEL price spikes 30% as seen in the past 24 hours
Price slumps 13.21% despite improvement in social media metrics ETH
Merge to impact CEL performance Celsius Network has recently filed
for bankruptcy in July and is now in Chapter 11 proceedings. More
so, the network has also requested for court authorization on its
plans to dispose its stablecoins to pump up liquidity needed for
its operations. Once this is approved by Martin Glenn, the U.S.
presiding judge, the money pooled from the sale of stablecoins
would serve as funding for Celsius operations. The said hearing on
the sale of stablecoins is set on October 6 in New York. Related
Reading: Celsius Meeting Audio Leaked – Why Staffers Are Reacting
With Mistrust 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. The judge has approved this on Wednesday. In this
connection, Celsius has recently posted a tweet on September 15
harping on their willingness to continue working with the U.S.
Trustee and Unsecured Creditors Committee as well as their
commitment to improve network efficiency in order to serve their
customers better. Related Reading: Will Tron Tie-Up With Liquidity
Provider Wintermute Boost TRX Price? CEL Price Down 13.21% Despite
Increase In Metrics Triggered by the recent developments and
hearing events, CEL price is observed to have spiked by 30% as seen
in the past 24 hours. More so, CEL social media metrics has also
accelerated. Social media engagement also peaked at 1.2 billion
showing a remarkable growth of 32.26%. Despite the boost in
social media engagement as well as a price rally, there are still
some nagging issues surrounding CEL that make investors
apprehensive about the altcoin. According to CoinMarketCap, CEL
price has nosedived by 13.21% or trading at $1.70 as of this
writing. The total market cap of CEL has slumped by 36.21% as
seen in August. More so, market dominance also declined by as much
as 41.25%. Uncertainty is creeping on the token, and investors are
being extra cautious in making any move due to its high volatility.
The Ethereum merge also has a great impact on CEL performance. In
fact, Celsius has posted a tweet stating that they are tracking the
merge. Investors also look at the short-squeeze movement as a
warning because history shows that this movement can negatively
impact investor portfolios. Crypto total market cap at $927
trillion on the daily chart | Source: TradingView.com Featured
image from LedgerInsights, Chart: TradingView.com
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