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Celsius Network’s Token CEL Drops 58% After Bankruptcy Filing, So-Called ‘Short Squeeze’ Falters

During the last 30 days, the Celsius Network’s native token CEL increased in value by over 140% against the U.S. dollar. On July 13, just before the lending company filed for Chapter 11 bankruptcy, CEL was exchanging hands for $0.961 per unit. Following the news that the company filed for bankruptcy protection, the native crypto asset dropped 58% to a low of $0.40 on the same day. CEL has managed to climb back from the drop as the digital currency is currently swapping for prices between $0.69 to $0.73 per coin on July 14.

What do you think about the so-called CEL short squeeze and the crypto asset dropping more than 58% in value on Wednesday? Let us know your thoughts about this subject in the comments section below.


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