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The Celsius price has jumped by 12% in the last 24 hours as the token traded at $0.2491 as of 12:20 a.m. EST.
The surge came after the US Securities and Exchange Commission put the brakes on a plan to rejuvenate Celsius, which is reorganizing after it filed for bankruptcy. It was agreed on Nov. 20 that the company’s reorganization will now focus only on mining Bitcoin, and not as earlier agreed on staking as well, according to a court filing on Monday.
Well, as I advised newco was unable to get their SEC approvals. This has resulted in a massive reduction in the scope/scale of the plan. Will potentially result in further legal issues depending on how Celsius responds as they've kept many parties in the wind.
Newco will… https://t.co/8IWAtrJVQt
— Keith (@ChazzonKe) November 21, 2023
New owner Fahrenheit’s restructuring plan, which had received approval from a bankruptcy court, provided creditors with nearly $2 billion worth of Bitcoin and Ethereum and shares in a new company.
The new firm had been slated to manage Celsius’s Bitcoin mining operations, stake Ethereum, and explore other asset utilization avenues. But while the Celsius price rallied on Monday’s news, its technical indicators aren’t looking so good
Celsius Price Prediction
Looking at 1-hour CEL/USDT charts, we see two bearish engulfing candle stick patterns having formed. This indicates a reversal pattern pointing to a looming plunge in the Celsius price. The MACD is now moving in the red zone as the Relative Strength Index indicator also moves downward, indicating bearishness on the Celsius price.
The Celsius price is volatile, as shown by the Bollinger Bands, which are currently wide apart. This results from increased trading activities that have seen CEL’s trading volume skyrocket by 123% in the last 24 hours.
Meanwhile, as the Celsius price heads towards a bearish short term, the new Bitcoin ETF Token is making waves as its presale now closing in on $1.3 million in funding.
Celsius Price Prediction: Is The BTCETF Token A Better Investment?
Amidst growing anticipation of SEC approval for Bitcoin ETFs, the BTCETF token (BTCETF) is capitalizing on the bullish sentiment.
Global X's revised #BitcoinETF filing intensifies anticipation for #SEC approval.
Are we finally on the verge of witnessing a breakthrough for #Bitcoin ETFs in the US? 📈🇺🇸
In addition, #BTCETF has now surpassed $600K! 🥇 pic.twitter.com/aalPajzQCB
— BTCETF_Token (@BTCETF_Token) November 15, 2023
BTCETF’s tokenomics are intricately tied to Bitcoin ETF approval milestones. A portion of the total BTCETF supply is burned upon reaching significant milestones.
Five milestones, including the launch of Bitcoin ETFs, will lead to a 25% supply reduction, with a 5% token burn at each step.
The Surge in Anticipation
Investors are banking on BTCETF to surge once the SEC approves spot Bitcoin ETFs. The token’s community-driven strategy and incentives for holding during the presale have garnered substantial support.
For a limited time, investors may get Bitcoin ETF Tokens at a reduced price of $0.0056. So, as you keep an eye on the Celsius price amid its reorganization, remember to check out the BTCETF presale.
Get your Bitcoin ETF Token here.
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