After bankruptcy filing, Celsius Network’s token CEL falls by 58 percent, and the purported “short squeeze” fails.
In the last 30 days, Celsius Network’s native CEL token has gained more than 140% against the U.S. dollar. On July 13, shortly before the creditor filed for Chapter 11 bankruptcy, CEL traded at $ 0.961 per unit. The native crypto asset plunged 58% to $ 0.40 the same day after news of the bankruptcy file broke. CEL has managed to recover from the drop, as the cryptocurrency is now trading between $ 0.69 and $ 0.73 per coin as of July 14th. After the company withdrew and suspended other operations on the loan platform, traders on social media began a trend to “shorten” the CEL cryptocurrency asset. Social media on Twitter, Reddit and Facebook are suggesting that members of the Celsius community are pushing their own Celsius Network CEL token.
“Short compact CEL sets are still with us,” one user wrote Wednesday. Twitter account added: 93% of CEL token locked in Celsius. However, CEL short pressure amplifiers came under fire because people were very critical of the idea. Some say people promoting CEL’s concept of short-term pressure should be prosecuted. Despite the criticism, at the time of writing on July 14, 2022, the concept is being advertised on social media. Celsius Network Tokens (CEL) gained more than 140% against the U.S. dollar in the past month, according to market data. Business meetings Also, based on data on Wednesday, CEL rose to $ 0.961 per unit on July 13 but fell to $ 0.40 the same day after the company filed for Chapter 11 bankruptcy. The crypto asset recovered from $ 0.40 per CEL on Wednesday and the next day CEL. traded above $ 0.80 per coin on Thursday. At the time of writing, between 16:30 and 17:30 (ET) on July 14, 2022, CEL was trading between $ 0.69 and $ 0.73 per coin.
While CEL fell more than 19% against the US dollar, the cryptocurrency fell 23% against Bitcoin (BTC) and 27% against Ethereum (ETH). CEL is currently ranked 116th among 13,400 cryptocurrencies assets and decreases 90% of the all-time high of the cryptocurrency (ATH). One year ago on June 4, 2021, CEL reached $ 8.05 per coin, and was once the 36th in terms of market capitalization.