Celsius Files for Bankruptcy Protection; Price Tumbles by 48%

Following the filing of petitions for bankruptcy protection, the price of Celsius (CEL) is down by 48% in the 30 minutes trading chart. After a month of dramatic events, Celsius filed petitions for bankruptcy protection, today.

The crypto network tweeted that it has filed voluntary petitions for Chapter 11 protection and initiated a financial restructuring. Chapter 11 is a process in the US through which companies reorganize their financial obligations while their operation continues.

Speaking of the financial restructuring, Celsius Network states that it has initiated the proceedings with the intention to provide the best opportunity to “stabilize the business, and consummate a comprehensive restructuring transaction that maximizes value for all stakeholders.”

Celsius hit the headlines recently after deploying customer assets in illiquid investments, freezing customer accounts, and allegedly engaging in fraudulent activities.

Currently, the price of CEL hovers at $0.5958, with a 19% dip in the past 24 hours and a market cap of $142,315,830. During the haunting market condition that started in early May 2022, CEL also met a price crash until it tapped a high of $1.87 on June 15.

Following the petition, the price went down with consequent fluctuations, presently signaling red.

As shown in the 30-minute chart, the price of CEL has steeply declined by over 48%, reaching the lowest price of $0.37 earlier today. However, the coin slightly surged every 30 minutes, marking a high of $0.96 at the moment. 

Looking at the daily trading chart, a 45.5% decline is found for CEL while calculating the price downtrend from June 15 to July 14.  Also, the price of the coin is 56.2% down from the price it was on May 5 (market downswing).

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.