CEL - Why Celsius Network Popped Over 21% on Wednesday
The value of the Celsius (CRYPTO: CEL) token jumped an incredible 33% in just a few minutes just before 4 a.m. ET on Wednesday, leading the crypto industry . By contrast, most major cryptocurrencies are down a percentage point or two today.
Speculative investors jumped in after news broke that Alex Mashinsky, CEO of Celsius Network, outlined a comeback plan for the company with employees last week. He wants to become a custodian for customers, charging fees for storing cryptocurrencies and for certain transactions.
The plan could be interesting, but Celsius Network is still in bankruptcy protection, and the outcome of that process is highly uncertain. Even if Mashinsky does stay in control, I don't know why customers would trust him or the company with their cryptocurrencies given the losses they've already taken by depositing tokens with the company.
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Why Celsius Network Popped Over 21% on Wednesday