Celsius crypto token price spikes before falling again
CEL, the native token of crypto lending platform Celsius, was trading up 100% on Tuesday at one point.
At the time of writing CEL was trading at $0.56, up from $0.27 a day previous representing an increase of 114%.
The lending firm, which had some $12 billion in customer assets as of May according to the Financial Times, announced on Sunday that it would pause withdrawals on its platform — citing market conditions as the price of Ether (ETH) and other cryptocurrencies plummeted.
By 8 am Eastern Time on Monday morning CEL tokens were worth just $0.18, a week previous on June 6 they had traded as high as $0.78.
But in a market move that seemed to end as soon as it began, the price of CEL shot up by over 100% during trading Tuesday, rising has high as $2.57, according to FTX data. The price has since declined from that spike.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Go to Source
Author: Adam Morgan McCarthy
