The CEL cryptocurrency is pumping and rising by more than 300%, and then the dumping occurs immediately
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Answer The CEL cryptocurrency is pumping and rising by more than 300%, and then the dumping occurs immediately
There is still a lot of controversy surrounding the crypto-lending platform Celsius, after it was frozen for withdrawals.
In the last 24 hours, the price of cryptocurrency lending platform Celsius’ cryptocurrency CEL rose surprisingly after bullish news regarding its efforts to address liquidity issues.
Data on the blockchain shows that the company has received significant contributions in the DAI stablecoin, which it has already used to repay its loans.
According to Etherscan, Celsius received several DAI transactions totaling over $28 million at approximately 10:50 AM EST.
This money was immediately transferred to the address of the Ethereum contract that represented her loan with Oasis, helping to pay off some of her debts.
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The company also hastily retrieved cash to protect the $534 million loan guarantees from liquidation.
Besides DAI, Celsius has deposited thousands of encapsulated Bitcoin (WBTC) as collateral as the cryptocurrency price continues to drop.
After the news, the price of CEL cryptocurrency pumped in a big way.
After the CEL cryptocurrency was trading at just $0.33 at 10:54 a.m. EST, the price rose to $1.42 by 12:04 p.m. EST according to CoinGecko.
But the currency fell sharply right after that.
At the time of writing this article, CEL cryptocurrency is trading at just $0.52.
As we told at the beginning of the article, Celsius platform suffers from difficulty and liquidity problems, which made it freeze withdrawals from its platform.
The company uses space lending to generate a return on behalf of its clients, who deposit their money in the platform and then get returns and bonuses, but for now the users’ capital is locked in itself.
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