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Despite the crypto market’s prolonged instability, Celsius (CEL) pumped 40% in seven days. The CEL coin has extended its upward rally and hit the intra-day high around the $1.90 level as networks consistently struggle to rebrand the company back to greatness.
According to The New York Times, Alex Mashinsky, the CEO of the crypto lending company, reportedly raised the idea of relaunching the organization on September 8 with a focus on crypto custody. The plan is to rename the temperature unit from Celsius to “Kelvin.” Meanwhile, the Federal Trade Commission filed a request to join the bankruptcy case of cryptocurrency lender Celsius on Tuesday.
According to court filings, FTC attorneys Katherine Aizpuru and Katherine Johnson have requested to represent the commission in the matter. But on the other hand, the sharp decline in the value of cryptocurrencies was thought to be one of the major factors preventing the Celsius (CEL) coin from seeing further rises.
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Mashinsky Rebuilding the Company’s Reputation
According to reports, Alex Mashinsky announced during a meeting on September 8 that Celsius discussed potential futures following its bankruptcy filing in July. The cryptocurrency loan company Celsius, currently in bankruptcy, appears to be reorganizing around custodial services for digital assets.
Alex Mashinsky, the CEO of Celsius, and Oren Blonstein, the head of innovation and chief compliance officer, reportedly set out to revive the company with the help of the Kelvin project, which would store customers’ cryptocurrency and impose fees on specific transactions.
Celsius rebranding to Kelvin
— wholistic (@wholisticguy) June 13, 2022
Mashinsky allegedly made the statement during an employee meeting on September 8, during which the company discussed potential futures following its Chapter 11 bankruptcy filing in July. As a result, the CEO of the networks’ positive efforts have influenced Celsius prices.
The Committee of Unsecured Creditors, a legal group representing Celsius’ creditors, reportedly requested that the company continue to provide services such as loans, staking, and custody. Mashinsky compared the platform’s potential resurgence to that of Apple and Delta Airlines, both of which filed for Chapter 11 bankruptcy in 1997 and 2005, respectively.
In addition, Celsius claimed that there were no costs associated with transactions, withdrawals, origination, or early cancellation under its current business model.
Sell-off in the Cryptocurrency Market
Since the start of the new week, the Bitcoin market has gained less and less traction. Major cryptocurrencies were trading lower early on September 14, with the total market cap of all cryptos falling 5.77% from the previous day to $997.62 billion.
The total volume of the crypto market increased by 11.97% in the last 24 hours to $101.44 billion. Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, is currently in a severe crisis after its price fell below $20,000 early Tuesday.
As a result, the drops in the cryptocurrency market were perceived as one of the major factors limiting further growth in the Celsius coins.
Stronger US Dollar Limits Uptrend in Cryptos
The stronger US dollar was another significant factor that was thought to have limited the Celsius coin’s gains. Investors began preparing for higher US interest rates, significantly boosting the US currency abroad.
On Tuesday, the dollar gained value against the fiat currencies such as the yen, euro, and other currencies. Most of the bullish bias was seen in response to the stronger-than-expected US inflation data, confirming market bets that the Federal Reserve would need to be proactive in raising interest rates.
The risk-off market sentiment also aided the US dollar because it increased demand for safe-haven assets such as the US currency. As a result, the stock markets fell, and with this, the corrected cryptocurrencies also exhibited a bearish bias.
Celsius (CEL) Pumped 40% – Price & Tokenomics
The current Celsius price is $1.92, and the 24-hour trading volume is $34354387. Celsius has increased by 29.97% in the last 24 hours and over 40% in the last seven days. CoinMarketCap now ranks #80, with a live market cap of $459053135, a total circulation quantity of 695,658,160 CEL coins, and a circulating supply of 238,863,520 CEL coins.
On the technical front, the CEL/USDT pair has already completed 23.6% retracement at $1.74, and now it’s heading north towards the 38.2% Fibonacci level at the $2.26 Fibonacci retracement level.
The recent bullish engulfing candlestick on the daily timeframe is signaling a solid bullish bias for CEL. Moreover, the CEL coin has already crossed the above 50-days moving average, now providing support at $1.76. Therefore, the odds of an upswing remain strong, with an immediate target level of $2.33 and $2.70.
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- Bankrupt crypto network Celsius is planning a comeback, codenamed ‘Kelvin’
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