CEL - Why Celsius Network's Crypto Tanked Over 15% Today
The crypto token Celsius (CRYPTO: CEL) , the primary currency of crypto lending platform Celsius Network, is down 15.5% in the last 24-hour period as of 4:30 p.m. ET. The company is in the midst of bankruptcy proceedings, and recent filings with the court overseeing those proceedings show a pretty ugly balance sheet.
However, Celsius token skyrocketed off of its lows in the last month since the company filed for protection. It seems crypto traders are speculating on some sort of reprieve for the company, although Celsius's business appears to be thoroughly broken at this point.
The news that has the crypto market talking the last two days is Celsius's balance sheet, which was recently submitted to the U.S. Bankruptcy Court for the Southern District of New York. As of July 14, 2022 (the day after Celsius filed for bankruptcy , and about a month after it froze client asset withdrawals), Celsius revealed it had $170 million in cash and another $1.75 billion in cryptocurrency, but user liabilities totaled $4.72 billion (tallying up to a $2.8 billion shortfall).
For further details see:
Why Celsius Network's Crypto Tanked Over 15% Today