{"id":495654,"date":"2022-07-14T09:45:09","date_gmt":"2022-07-14T09:45:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=495654"},"modified":"2022-07-14T09:45:09","modified_gmt":"2022-07-14T09:45:09","slug":"cel-price-plummets-50","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cel-price-plummets-50\/","title":{"rendered":"CEL Token Price Plummets 50% As Celsius Goes Bankrupt"},"content":{"rendered":"<p>After the Celsius Network&#8217;s decision last month to freeze all transactions and withdrawals, the whole cryptocurrency market plummeted into a deep and gloomy sinkhole.<\/p>\n<p>This week there was some good news, when Celsius paid off its remaining $41.2 million debt to the DeFi protocol MakerDAO. This payment allowed Celsius to release $448 million in collateral.<\/p>\n<p>However, it appears that this will be the only positive development from the U.S. crypto lender in the coming days or months.<\/p>\n<p>After weeks of conjecture and hearsay, Celsius&#8217;s legal counsels have formally informed regulators that the cryptocurrency lender has filed for Chapter 11 bankruptcy protection.<\/p>\n<p style=\"text-align: center\"><strong><em>Suggested Reading |<a href=\"https:\/\/uniquehot.com\/news\/loopring-wobbles-in-last-2-months\/\"> Loopring Wobbles In Last 2 Months \u2013 Can LRC Stay In The Loop?<\/a><\/em><\/strong><\/p>\n<h2>CEL Loses Half Its Value After Bankruptcy News<\/h2>\n<p>Following the disclosure of bankruptcy, CEL, the native cryptocurrency of Celsius Networks, lost half of its value from its intraday high of 95 cents and down to 45 cents.<\/p>\n<p>In the last month, there has been an increase in the number of cryptocurrency-related failures. After the crypto hedge fund Three Arrows Capital and the crypto lender Voyager Digital, Celsius becomes another domino to fall in the bankruptcy abyss.<\/p>\n<p>Since June 20, the price of CEL has nearly grown four-fold\u00a0due to what appears to be a fervor caused by futures and derivatives traders. CEL rose from $0.28 on June 15 to $1.56 on June 21, a 456 percent increase compared to the market&#8217;s 12.36 percent increase during the same timeframe.<\/p>\n<p>In May, Celsius had only $12 billion in assets, which was about half of what it had at the start of the year. After that, the firm ceased revealing its assets under management (AUM).<\/p>\n<p style=\"text-align: center\"><strong><em>Suggested Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-continues-to-lose-luster\/\">Ethereum (ETH) Continues To Lose Luster, Drops Below $1,100 Support<\/a><\/em><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter \" src=\"https:\/\/www.tradingview.com\/x\/We7rnkwL\/\" width=\"959\" height=\"458\"><\/p>\n<pre style=\"text-align: center\">BTC total market cap at $378 billion on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2>Celsius Was A Crypto Industry Powerhouse<\/h2>\n<p>CEL remains under pressure to the downside as it trades roughly 80% below its April 2018 high of $8.<\/p>\n<p>At its prime, Celsius was a cryptocurrency industry titan. It had more than 1.7 million users worldwide and assets of more than\u00a0$20 billion. The company achieved success as a result of offering investors yields in the range of 18 percent.<\/p>\n<p>What then happens to the CEL token? The value of CEL has decreased significantly since Celsius ceased operations. This does not, however, imply that the token will plunge\u00a0to zero. Indeed, it could garner renewed attention from pump-and-dump traders.<\/p>\n<p>Meanwhile, Celsius asserts that it has $167 million in ready\u00a0cash, which will be used to support some operations &#8220;during the reorganization process.&#8221;<\/p>\n<pre style=\"text-align: center\">Featured image from CoinQuora, chart from <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>After the Celsius Network&#8217;s decision last month to freeze all transactions and withdrawals, the whole cryptocurrency market plummeted into a deep and gloomy sinkhole. This week there was some good news, when Celsius paid off its remaining $41.2 million debt to the DeFi protocol MakerDAO. This payment allowed Celsius to release $448 million in collateral. However, it appears that this will be the only positive development from the U.S. crypto lender in the coming days or months. After weeks of conjecture and hearsay, Celsius&#8217;s legal counsels have formally informed regulators that the cryptocurrency lender has filed for Chapter 11 bankruptcy protection. Suggested Reading | Loopring Wobbles In Last 2 Months \u2013 Can LRC Stay In The Loop? CEL Loses Half Its Value After Bankruptcy News Following the disclosure of bankruptcy, CEL, the native cryptocurrency of Celsius Networks, lost half of its value from its intraday high of 95 cents and down to 45 cents. In the last month, there has been an increase in the number of cryptocurrency-related failures. After the crypto hedge fund Three Arrows Capital and the crypto lender Voyager Digital, Celsius becomes another domino to fall in the bankruptcy abyss. Since June 20, the price of CEL has nearly grown four-fold\u00a0due to what appears to be a fervor caused by futures and derivatives traders. CEL rose from $0.28 on June 15 to $1.56 on June 21, a 456 percent increase compared to the market&#8217;s 12.36 percent increase during the same timeframe. In May, Celsius had only $12 billion in assets, which was about half of what it had at the start of the year. After that, the firm ceased revealing its assets under management (AUM). Suggested Reading |\u00a0Ethereum (ETH) Continues To Lose Luster, Drops Below $1,100 Support BTC total market cap at $378 billion on the daily chart | Source: TradingView.com Celsius Was A Crypto Industry Powerhouse CEL remains under pressure to the downside as it trades roughly 80% below its April 2018 high of $8. At its prime, Celsius was a cryptocurrency industry titan. It had more than 1.7 million users worldwide and assets of more than\u00a0$20 billion. The company achieved success as a result of offering investors yields in the range of 18 percent. What then happens to the CEL token? The value of CEL has decreased significantly since Celsius ceased operations. This does not, however, imply that the token will plunge\u00a0to zero. Indeed, it could garner renewed attention from pump-and-dump traders. Meanwhile, Celsius asserts that it has $167 million in ready\u00a0cash, which will be used to support some operations &#8220;during the reorganization process.&#8221; Featured image from CoinQuora, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":495671,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[322,86358,83722,6664,4728],"class_list":["post-495654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bankruptcy","tag-cel","tag-celsius","tag-crypto","tag-token"],"acf":[],"yoast_head":"\n<title>CEL Token Price Plummets 50% As Celsius Goes Bankrupt<\/title>\n<meta name=\"description\" content=\"After the Celsius Network&#039;s decision last month to freeze all transactions and withdrawals, the whole cryptocurrency market 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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 \u2013 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\u2019 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 \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"CEL Token Price Plummets 50% As Celsius Goes Bankrupt","url":"http:\/\/uniquehot.com\/news\/cel-price-plummets-50\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/cel-price-plummets-50\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/07\/CEL.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/07\/CEL.png?fit=839%2C471"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bankruptcy","cel","celsius","crypto","token"],"dateCreated":"2022-07-14T09:45:09Z","datePublished":"2022-07-14T09:45:09Z","dateModified":"2022-07-14T09:45:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"CEL Token Price Plummets 50% As Celsius Goes Bankrupt\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cel-price-plummets-50\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cel-price-plummets-50\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/CEL.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/CEL.png?fit=839%2C471\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bankruptcy\",\"cel\",\"celsius\",\"crypto\",\"token\"],\"dateCreated\":\"2022-07-14T09:45:09Z\",\"datePublished\":\"2022-07-14T09:45:09Z\",\"dateModified\":\"2022-07-14T09:45:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/07\/CEL.png?fit=839%2C471","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/495654"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=495654"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/495654\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/495671"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=495654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=495654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=495654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}