October 7, 2022

Celsius (CEL) has been in the news recently in line with the update hearings following the bankruptcy filing and the sale of stablecoins.

  • CEL prices see a rise of 30% in last 24 hours
  • Prices down 13.21% despite improvement in social media metrics
  • ETH Merge Will Affect CEL’s Performance

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Celsius Network recently filed for bankruptcy in July and is now in Chapter 11 proceedings. In addition, the network has also requested the court’s authorization on its plans to settle its stablecoins in order to pump out the liquidity needed for its operations.

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Once this is approved by US Presiding Judge Martin Glenn, the proceeds from the sale of the stablecoins will serve as funding for the Celsius operation.

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The said hearing on the sale of stablecoins is scheduled for October 6th in New York.

Agreement for the appointment of an independent examiner

In September, the US Trustee’s Office reached an agreement with Celsius’ committee consisting of creditors to appoint an independent examiner with the condition that they would restrict both the money and time allotted to the examiner.

In addition, the Office of the Trustee of the United States will be in charge of selecting the examiner. The judge approved it on Wednesday.

In this regard, Celsius recently posted a tweet on 15th September detailing its desire to continue working with the US Trustees and Unsecured Creditors Committee as well as to improve network efficiency to better serve its customers. Their commitment has been emphasized.

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CEL price down 13.21% despite increase in metrics

Driven by the recent developments and hearing incidents, the price of CEL is up by 30% as seen in the last 24 hours. In addition, CEL social media metrics have also gained momentum.

Social media engagement also reached 1.2 billion, a significant increase of 32.26%.

Despite the increase in social media engagement as well as the price rally, there are still some troubling issues around CEL that make investors apprehensive about the altcoin.

According to CoinMarketCap, the price of CEL is down 13.21% or traded at $1.70 as of this writing.

The overall market cap of CEL has declined by 36.21% as seen in August. Moreover, the market dominance also fell to 41.25%. Uncertainty remains over the token, and investors are taking extra precautions in making any move due to its high volatility.

The Ethereum merge also has a significant impact on the performance of CEL. In fact, Celsius has posted a tweet saying that they are tracking the merge.

Investors also view the short-squeeze movement as a warning because history shows that this movement can negatively affect an investor’s portfolio.

Crypto total market cap at $927 trillion on the daily chart | Source: TradingView.com

Featured image from LedgerInsights, Chart: TradingView.com