Celsius rockets 50% in seven days – here’s why.

Celsius (CEL) coin experienced significant positive movement on Friday, reaching an intraday high of $1.67 after hitting a low of $1.15 the day before. Celcius Networks filed a petition in bankruptcy court asking that customers be allowed to withdraw the number of digital assets owed on certain protection and escrow accounts, causing CEL’s value to increase by 50%.

Bankrupt crypto lender Celsius Network wants to return coins to users locked out of their accounts https://t.co/bhGb78dUMv

— Bloomberg Crypto (@crypto) September 1, 2022

Celsius proposed that owners receive $50 million of the $225 million in the retention program. Additionally, the coin’s gains have been supported by the continued improvement of the cryptocurrency market, which has helped boost investor confidence and the coin’s gains. As a result, the cryptocurrency markets recovered on the day and are still green.

Celsius rockets 50% in seven days

According to CoinMarketCap data, the total market value of cryptocurrencies traded on Friday was $984.29 billion, an increase of 1.32 percent. The world’s two largest crypto coins, Bitcoin, Ethereum and others have made small gains. The live price of one Celsius unit is $1.45 and the 24-hour trading volume is $25,774,989. The temperature has increased by 8.75% in the last 24 hours.

Celsius Daily Price Chart – Source: TradingView

Celsius is currently ranked 95 on the stock market, with a live market cap of $345,865,233. It has a total supply of 695,658,160 CEL coins and a circulating supply of 238,863,520 CEL coins. Technically, CEL is likely to face a steep price drop in September. On the four-hour chart, the Celsius indicator has shown a “growing wedge” since the end of August.

CEL is now testing the wedge high trend line to retrace to the lower trend line. The latter trend is near $1.34, a price that has consistently provided strong support in recent trading history. As a result, selling pressure may increase if $1.34 is broken.

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Celsius, a cryptocurrency lender, wants to return customer funds

Celsius Networks, a cryptocurrency lender that has been in bankruptcy court for less than a month, filed for a refund of security holders on Thursday morning. According to the statement, Celsius has 58,300 users depositing more than $210 million in bonds, with 15,680 users owning “pure custody assets” valued at $44 million.

The Bankruptcy Court for the Southern District of New York is handling the case and is scheduled to rule on the case on October 6. Celsius filed for bankruptcy in July after all withdrawals were suspended. Customers of the crypto lender have written to the court detailing their problems.

Many of these letters ask the court to reopen the withdrawals and, if necessary, destroy Celsius’ assets. Celsius’ request, for example, comes a day after a syndicate of 64 clients who claim they owe nearly $25 million in custody asked the court to return their money.

As a result, the price of CEL rose by nearly 50%, reaching a high of $1.67 on September 2 after falling to $1.15 a day earlier.

Recovery self confidence in of Crypto Market

The cryptocurrency market started to rise after an initial decline. Today’s cryptocurrency markets are recovering and trading in the green. According to CoinMarketCap data, the total market capitalization of cryptocurrencies was $984.29 billion, an increase of 1.32 percent.

Popular cryptocurrencies like Bitcoin, Ethereum and others have made moderate gains in the last 24 hours. Bitcoin and Ethereum, the world’s two largest cryptocurrencies, have recovered from losses caused by the bullish stance of the Fed chairman. This was seen as one of the main reasons for the increase in the value of crypto assets.

The Federal Reserve’s planned rate hikes and tighter monetary policies seem to have been swallowed up by cryptocurrency investors. The recovery of the cryptocurrency market was considered one of the key factors contributing to the continued value increase of Celsius coin.

The US dollar is losing some ground

A weaker US dollar bolstered the Celsius coin’s gains. The broader U.S. dollar failed to sustain its bullish trend and fell from a 20-year high on Friday after data showed U.S. employment rose more than expected in August.

Still, wage growth has slowed, and unemployment has risen, giving the Federal Reserve some room to raise interest rates later this month. As a result, the US dollar fell from its 20-year high on Friday.

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