Celsius crypto price has seen a major rebound today following a sharp decline yesterday after Celsius Network paused withdrawals, transfers, and swaps.
Following today’s rally, Celsius (CEL) has completely recovered from yesterday’s fall.
While withdrawals still remain paused, Celsius Network has been moving crypto assets worth millions of dollars specifically to FTX crypto exchange among fears of insolvency. As of yesterday, the crypto lending platform (Celsius Network) had transferred as much as $320 million worth of cryptocurrencies to FTX.
Against all odds
While it is still not very clear as to why the CEL token is rallying today after experiencing a sharp drop yesterday, analysts believe the token’s value is rising following the actions taken by Celsius Network to protect its customers’ funds.
Yesterday, when informing people of their decision to pause withdrawals, swaps, and transfers, Celsius noted that the interest of their community is their top priority.
Celsius seems to be performing against all odds especially since the majority of the crypto market is on a slippery slope. Bitcoin, for example, is trading at $22,298.65 after losing 6.06% today and 24.48% over the past week.
The majority of investors expected the price of CEL to plunge further following yesterday’s announcement by Celsius Network that it had paused withdrawals and the general bearish pressure on the majority of cryptocurrencies. But Celsius has proved them wrong by unleashing a monster bull run that could see the coin get above $0.35.