Saturday, November 26, 2022

CEL’s Price Surges 115% Daily Despite Network Accounts Remain Frozen

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CEL’s price surges 115% in one day despite the network accounts remaining frozen so let’s have a closer look today at our latest altcoin news today.

CEL’s price surges 115% in the past day and this comes as a broader market saw relief after last week’s crashing drops. CEL is the strongest performer in the past day and charted an increase of 11% which added up to a whopping 380% in the past week. At the time of writing, the crypto trades below $1.4. The move brought up to $1.78 million worth of liquidated CEL positions as per Coinglass.

The move came on the back of some negative news seen this past week. The platform stated that they will not unfreeze accounts and will pause Twitter spaces and AMAs and will focus on handling the issues at hand. It was a week since pausing withdrawals, transfers, and Swaps and the platform wants the community to know that the objective is still to stabilize liquidity and operations. The process will take a longer time, according to the statement.

cel token
CEL 24hour-price chart Source: CoinMarketCap

As recently reported, Simon Dixon proposed a Celsius recovery plan similar to the solution Bitifnex used in its Bitcoin hack in 2016. the lead investor of the platform and the co-founder Simon Dixon offered to assist the network by deploying similar financial innovation that was used in 2016 to save Bitfinex from liquidation. Although the statement from Dixon didn’t include specific details of the recovery plan, Dixon noted it will be similar to the one offered by Bitfinex after the hack of 2016 which he claims was resolved in a few months.

Crypto lender Celsius warned that stabilizing the liquidity and the operations will take longer. The platform delivered an update on the situation and stated that its objective continues to be stabilizing the liquidity and the operations of the network. The New Jersey-based company added the process will take time and said they are maintaining an open dialogue with regulators and officials and are seeking to find a resolution.

The company added that it is pausing its Twitter Spaces and the Reddit AMA session so it can focus on navigating these unprecedented challenges and seeks to fulfill its responsibilities to the community.

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