Celsius Crypto News: Why a 30% Spike Mean Nothing for CEL Investors
Celsius crypto news has been drawing investors’ attention this year and there is a new update about its hearings lately. The judges of the company’s bankruptcy proceedings have allowed an independent examiner to investigate the case. The examiner will be selected by the U.S. Trustee’s Office, a Department of Justice institution in charge of bankruptcy proceedings.
On a related note, Celsius Network also put out a tweet on 15 September. The tweet stated that Celsius would continue to engage with the Unsecured Creditors Committee and U.S. Trustee. The company also committed to making meaningful progress in their efforts to maximize value for all their customers.
Celsius further expects to begin the process soon.
Following the aforementioned situation, CEL surged by 30% in the last 24 hours. Furthermore, its social media presence shot up as well. Over the past 90 days, Celsius’ social media engagements, which at press time stood at 1.2 billion, grew by 31.46%
Although the price witnessed a massive uptick and Celsius became a big part of the conversation socially, causes of concern still loom over CEL.
Celsius’ circulating market cap went down by 32.64% in the past month. Furthermore, its market cap dominance also depreciated by 39.02%. There has been increasing uncertainty with the Celsius token as well.
Another factor that could affect the Celsius token could be the Ethereum Merge. Celsius, via Twitter, stated that the firm was closely monitoring the Merge. It also stated that the creation of any fork or airdrop would impact the Celsius customer base.
The short-squeeze movement of Celsius also happens to be a danger signal for investors. This online movement has been designed to hurt the portfolios of investors who are trying to short their CEL tokens and profit from the losses of the customers affected by the bankruptcy news.
Given the volatility of the CEL token, traders are advised to proceed with caution.
For more Celsius crypto news, please visit our Market Updates category.