• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • bitcoinBitcoin(BTC)$23,369.000.110%
    BITCOIN
    24H : 0.110%
    Volume : $20,799,814,783.00
    Marketcap : $450,826,053,611.00
  • ethereumEthereum(ETH)$1,666.390.510%
    ETHEREUM
    24H : 0.510%
    Volume : $6,902,096,257.00
    Marketcap : $201,013,244,878.00
  • usdex-stablecoinUSDEX(USDEX)$1.08-0.31%
    USDEX
    24H : -0.31%
    Volume : $128,575.00
    Marketcap : $110,959,993,107.00
  • tetherTether(USDT)$1.0000.020%
    TETHER
    24H : 0.020%
    Volume : $29,937,601,979.00
    Marketcap : $68,098,853,226.00
  • binancecoinBNB(BNB)$334.901.82%
    BNB
    24H : 1.82%
    Volume : $673,674,098.00
    Marketcap : $45,233,448,111.00
  • usd-coinUSD Coin(USDC)$1.000-0.03%
    USD COIN
    24H : -0.03%
    Volume : $2,851,002,769.00
    Marketcap : $41,973,195,592.00
  • rippleXRP(XRP)$0.4110.160%
    XRP
    24H : 0.160%
    Volume : $636,129,809.00
    Marketcap : $20,876,492,901.00
  • binance-usdBinance USD(BUSD)$1.000-0.03%
    BINANCE USD
    24H : -0.03%
    Volume : $7,261,051,995.00
    Marketcap : $16,273,906,844.00
  • cardanoCardano(ADA)$0.4000.040%
    CARDANO
    24H : 0.040%
    Volume : $272,205,110.00
    Marketcap : $14,043,406,224.00
  • dogecoinDogecoin(DOGE)$0.0962.02%
    DOGECOIN
    24H : 2.02%
    Volume : $1,496,280,675.00
    Marketcap : $13,197,459,697.00
TodayinCrypto.com

TodayinCrypto.com

  • Home
  • Latest News
  • YOUTUBE RECAPS
  • CONTACT US

Bankrupt crypto lender Celsius token climbs 50% as network aims to return $50 million to clients


September 2, 2022 · By MATheGooner
Celsius Network (CEL)

The company, which had previously claimed that users had relinquished legal ownership of their cryptocurrency, is now willing to refund around $50 million to customers, and the decision has caused the CEL token network to appreciate. 

Traders’ assessments of Celsius Network, CEL’s parent company, release some of the locked cash to its clients caused CEL’s price to skyrocket by about 50%. 

CEL soared to an intraday high of $1.67 per token on Sept. 2 after hitting lows of $1.15 the day prior. Lower trading volumes, however, along with the token’s quick surge point to a lack of investor confidence in continued upward movement.

Celsius Network requested that its clients with “certain Custody and Withhold accounts should be able to withdraw the amount of digital assets owed to them” in a motion filed with the Bankruptcy Court. 

Celsius was able to thrive with the help of its customers’ cryptocurrency deposits, which were used to fund loans on a wider scale in the cryptocurrency lending market.

However, the year’s market slump left a $2.85 billion hole in Celsius’s balance sheet, forcing the company to freeze its clients’ accounts, locking billions of dollars across more than a million accounts. Celsius submitted a Chapter 11 bankruptcy filing in July.

It’s encouraging to see Celsius Network be open to returning some Custody monies to customers. The $50 million provided, however, pales in comparison to the $210 million that the corporation actually owns. 

The value of the cryptocurrency assets in Celsius’ interest-bearing Earn accounts was nearly $4.2 billion as of July 10, according to the court records. In other words, with unfavorable fundamentals still looming over the Celsius market, the 50% price rise in CEL now appears overextended.

Primary Sidebar

LATEST NEWS

Binance severs ties with Indian cryptocurrency exchange WazirX

February 3, 2023

Former Bank of China advisor urges China to rethink its ban on cryptocurrencies

February 2, 2023

Federal judge forbids SBF from using Signal to contact FTX and Alameda staff

February 1, 2023

Tesla posts a $140 million bitcoin net loss in 2022

January 31, 2023

UK regulator investigates charity connected to FTX

January 30, 2023

  • Facebook
  • Instagram
  • Twitter

Newsletter

Footer

ABOUT US

TodayinCrypto is a financial media brand that strives to deliver breaking, accurate and daily news about digital assets to millions of investors in the crypto industry.

We are passionate about Bitcoin and are keen to share news about the people, companies and technological developments that are changing our world.

TODAY IN CRYPTO

  • Australia scheduled to release plans to regulate cryptocurrencies in the country February 4, 2023
  • Binance severs ties with Indian cryptocurrency exchange WazirX February 3, 2023
  • Former Bank of China advisor urges China to rethink its ban on cryptocurrencies February 2, 2023

Search

Tags

Aave (AAVE) Aleph.im (ALEPH) Arweave (AR) Avalanche (AVAX) Benchmark Protocol (MARK) Binance Coin (BNB) Bitcoin (BTC) Bondly (BONDLY) Bridge Mutual (BMI) Cardano (ADA) Celsius Network (CEL) Chainlink (LINK) COTI (COTI) Decentraland (MANA) Dogecoin (DOGE) Elrond (EGLD) Enjin Coin (ENJ) Ethereum (ETH) Ethernity Chain (ERN) Fantom (FTM) FTX Token (FTT) Kusama (KSM) Litecoin (LTC) NFT OriginTrail (TRAC) PAID Network (PAID) PancakeSwap (CAKE) Polkadot (DOT) Polkastarter (POLS) Polygon (MATIC) SnowSwap Solana (SOL) SuperFarm (SUPER) Sushi (SUSHI) Terra (LUNA) Terra Classic (LUNC) The Graph (GRT) Theta Network (THETA) Tixl (TXL) Trustswap (SWAP) Uniswap (UNI) VeChain (VET) XRP (XRP) yearn.finance (YFI) Yield Optimization Platform & Protocol (YOP)

Copyright © 2023 · Today in Crypto · Terms & Privacy · Log in