CEL crypto soars 130%: What's latest on Celsius's paused withdrawals?

Follow us on Google News:
 CEL crypto soars 130%: What's latest on Celsius's paused withdrawals?
Image source: © Vladsseven | Megapixl.com

Highlights

  • The price of CEL crypto had tumbled after a major announcement by the Celsius Network.
  • The total supply of the CEL crypto is approximately 695.7 million.
  • The CEL crypto is the native token of the Celsius Network.

After declining rapidly over the last few days, Celsius (CEL) crypto bounced back on Tuesday morning and recorded a price surge of 131.2 per cent. At 3 AM EST, the CEL crypto was trading at US$ 1.51 per token, and its volume had skyrocketed over 300 per cent to US$ 56.6 million.

Also Read: What is Firepin token? All you need to know about FRPN crypto

The price of CEL crypto had tumbled after the Celsius Network announced on June 13 that it had paused all withdrawals, account transfers, and Swap services. The network had said that it decided to protect the interests of its community members.

Since June 20, the crypto market has shown signs of recovery as its valuation continues to increase. At the time of writing, the crypto market capitalization had risen by 4.4 per cent to US$ 919.59 billion.

Why is CEL crypto rising?

In a statement addressed to the community members, Celsius Network said ever since it paused the services like withdrawals and transfers, the objective has been to stabilize the network's liquidity and operations.

It has been a week since the network communicated the decision to its community members, and stabilizing will take time. Celsius Network said that it believes in transparency. Hence, it maintains an open dialogue with community members, regulators, and officials.

The network is trying to find solutions and is working in sync with regulators and officials. Celsius also said it has noticed fake social media accounts claiming their association with the network and urged its community members to stay vigilant.

The rise in the price of CEL crypto could be due to overall market growth and the recently released statement. It appears that the crypto enthusiasts could be trusting the claims that the network paused the withdrawals for the benefit of community members.

©2022 Kalkine Media® 

Bottom line

Celsius Network is a financial services platform for cryptocurrency users and was launched in 2018. The CEL crypto, the native token of the network, has several use cases, including boosting pay-out value.

The total supply of the CEL crypto is approximately 695.7 million, and its market cap was US$ 360.8 million at the time of writing. The cryptocurrency's all-time high is US$ 8.02, which it clocked on June 3, 2021.

Interested investors can find the CEL crypto on crypto exchanges like Bitget and OKX. However, they should assess the market situation and research the virtual currency before investing.

Also Read: 3AC crypto hedge fund insolvent? Do crypto investors need to worry?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK