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CEL soars 17%; reclaims spot in top 100 crypto by market cap

·1 min read

Celsius Network’s cryptocurrency CEL is up 32.1% over the past 14 days leading to Monday in Asia, even as speculation around the lender filing for bankruptcy heats up.

See related article: Celsius community adopts GameStop tactics to squeeze out short sellers

Fast facts

  • CEL token gained 17% over the past 24 hours, peaking at US$0.94, according to CoinGecko data, and was trading at US$0.87, at press time.

  • Celsius supporters, also known as Celsians, started a short squeeze rally nearly two weeks ago to support the embattled crypto lender.

  • Celsians banded together on social media to drive up CEL token prices in hopes to force close short sellers’ positions.

  • Celsius paused all user withdrawals and transfers citing “extreme market conditions” on June 13.

  • Celsius has since hired restructuring attorneys, but company executives are reportedly against filing for bankruptcy as advised by its lawyers, according to unnamed sources cited by The Block.

See related article: Goldman Sachs said to raise US$2B for Celsius assets: report