Reason Why Celsius Investors Are Not Happy Despite CEL’s 30% Rally

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Last Updated on September 17, 2022 by Bitfinsider

In July, Celsius Network filed for bankruptcy, and it is currently undergoing Chapter 11 proceedings. Additionally, the network has asked the court for permission to dispose of its stablecoins in order to increase the liquidity required for its operations.

After Martin Glenn, the U.S. presiding court, approves this, the proceeds from the sale of stablecoins will be used to fund Celsius activities.

The hearing in question is scheduled for October 6 in New York.

Authorisation Granted To Appoint An Independent Examiner

The U.S. Trustee’s office and Celsius‘ committee of creditors came to an agreement in September to appoint an independent examiner under the condition that they would limit the examiner’s funding and time allotment.

Furthermore, the examiner will be chosen by the Office of the United States Trustee. This was approved by the judge earlier this week.

In this regard, Celsius recently tweeted on September 15 about their readiness to keep collaborating with the U.S. Trustee and Unsecured Creditors Committee and their dedication to enhancing network effectiveness in order to better serve their clients.

Source: Twitter

Despite an increase in metrics, CEL’s price fell by 13.21%

The price of CEL has risen 30% in the last 24 hours as a result of recent developments and hearing events. Additionally, CEL social media indicators have increased. The number of people using social media reached at 1.2 billion, a phenomenal increase of 32.26%.

Despite the increase in social media activity and the price increase, there are still some lingering problems with CEL that have investors wary of the alternative currency. As of this writing, the price of CEL has fallen according to CoinMarketCap, and is currently trading at $1.55.

The coin is becoming more uncertain, and because of its extreme volatility, investors are being extra careful while making any decision. The performance of CEL is also significantly impacted by the Ethereum merger. In fact, Celsius tweeted that they are keeping tabs on the merger.

Source: Twitter

Because history demonstrates that this movement can have a detrimental effect on investor portfolios, investors also view the short-squeeze trend as a warning.

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