Despite Lending Platform Turbulence, Celsius Token Is Up By Double Digits.

The continuing problems surrounding cryptocurrency lending platform Celsius’s sustainability appear to have had little influence on the network’s native token Celsius (CEL), which has risen despite broader crypto market volatility.

The token has surged more than 13.85% in the previous 24 hours, trading at $0.86 as of press time on July 4, barely three weeks after the firm declared a halt to consumer withdrawals. In other news, according to Coincu data, CEL is up 7% on the weekly chart.

The current CEL gains are due in part to the network’s community, who used social media platforms to fuel a short squeeze rally in support of the distressed lender. According to community members, the goal was to drive up CEL in order to compel short sellers to close their holdings.

Celsius’s problems first surfaced on June 13 when the firm froze customer withdrawals, citing the need for time to stabilize liquidity and operations.

The decision was made after the CEL token fell by more than 60% in mid-May.

Source: Coincu

With the crypto market collapsing, businesses like Celsius have suffered as a result of a financing crunch. Notably, several cryptocurrency lenders such as Babel Finance, CoinFlex, Voyager Digital Ltd., and Finblox have followed Celsius’s lead and suspended withdrawals.

Celsius’s problems have worsened in recent days, with the company apparently laying off 150 staff. Surprisingly, the firing report comes only days after the company made a statement promising its community that it is working on withdrawals and resolving its liquidity issue.

“Our relationship with the community and our clients has been a source of pride for all team members at Celsius, and we will continue to share information with our customers as and when it becomes appropriate,”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News

Victor

Recent Posts

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

2 hours ago

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

3 hours ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

4 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

4 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

5 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

5 hours ago

This website uses cookies.