RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economics

What caused Celsius Price Skyrockets by 400%.

Rate Captain by Rate Captain
June 23, 2022
in Economics
Reading Time: 2 mins read
A A
0
What caused Celsius Price Skyrockets by 400%.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The struggling cryptocurrency lending and borrowing firm Celsius’ CEL token skyrocketed when a corporate shareholder proposed a rescue plan and a $10 million payment was made to the decentralized finance (DeFi) platform Compound

A rise in the rate of CEL, a token that Celsius issues as a reward to platform users, appears to be the result of a few positive Celsius-related news stories.

AlsoRead

IMF- Global Economy growth is expected to be slow in 2023

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

Inflation Will Defy CBN’s Monetary Policy Efforts, To Hit 21.6% – Cape

The token has increased by 52.4% over the previous 24 hours and by approximately 400% over the previous week when it was trading at a price of $1.41. The token is still down 83% from its record high, which was reached in June of last year.

The only way to find a timely solution to the predicament Celsius is facing is through finance restructuring and innovation, according to a recovery strategy put out by Simon Dixon, the founder of the crypto-focused investment business Bnk to the Future.

Last Monday, Celsius put a halt to all the customers’ withdrawals, claiming extreme market circumstances as the cause. Dixon identifies himself as a Celsius stakeholder in this plan.

The fact that Mt. Gox—the iconic Bitcoin (BTC) exchange that crashed in 2014—is still in dispute in Dixon’s opinion this is one of the reasons why financial innovation is superior to utilizing conventional techniques.

Dixon claimed that the best possible answer for Celsius will be financial innovation like what was done with Bitfinex in the plan. According to him, the Bitfinex issue was handled within 9 months and sorted out flawlessly for the investors.

Users were severely impacted by a hacking event in 2016 that caused the site to lose almost $70 million worth of Bitcoin. The same were compensated and were given LEO tokens by the cryptocurrency exchange Bitfinex.

Celsius Pays Back and Rises

Repayment itself was another encouraging development that may have had a beneficial impact on the pricing.

Today’s discovery of a $10 million stablecoin DAI transfer from Celsius to the DeFi website Compound on the Ethereum (ETH) blockchain serves as a reminder that Celsius is still fighting for survival.

The payment is the most recent in a string of ones that Celsius has made over the previous week. The business made a number of payments totalling DAI 53.74 million to its vault on the DeFi protocol Oasis on Tuesday and Thursday of last week.

In order to create returns for its clients, who were guaranteed to be paid a predetermined interest on their deposits, Celsius was well known for deploying a number of DeFi protocols

Previous Post

The mother of all economic crisis may be on its way

Next Post

Why Bitcoin investor are under water

Related News

IMF- Global Economy growth is expected to be slow in 2023

IMF- Global Economy growth is expected to be slow in 2023

by Rate Captain
February 1, 2023
0

The International Monetary Fund on Monday 31 January 2023 published its latest economic growth projections for 2023 and 2024 in...

Nigeria’s Inflation Climbs to 19.6% in July 2022

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

by Rate Captain
January 16, 2023
0

The Nigeria inflation rate in December 2022 eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%....

Ghana’s Inflation Rate Surges 33.9%, the highest in 21 Years

Inflation Will Defy CBN’s Monetary Policy Efforts, To Hit 21.6% – Cape

by Rate Captain
January 13, 2023
0

Cape Economic Research and Consulting has predicted a surge in Nigeria’s inflation amidst the Central Bank of Nigeria’s Monetary tightening...

CBN to Debit Banks by Thursday as it Raises Cash Reserve Ratio to 32.5%

Reps asks CBN to suspend new cash withdrawal policy, summon Godwin Emefiele

by Rate Captain
December 9, 2022
0

The House of Representatives has asked the Central Bank of Nigeria (CBN) to immediately suspend the planned implementation of its...

Next Post
Why Bitcoin investor are  under water

Why Bitcoin investor are under water

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Airtel Africa’s nine-month turnover hits $3.9billion.

Airtel Africa’s nine-month turnover hits $3.9billion.

February 3, 2023
Charges on cash transactions skyrocketed by POS agents.

Charges on cash transactions skyrocketed by POS agents.

February 3, 2023

Popular Story

  • Shell’s annual profit hits $39.9 billion.

    Shell’s annual profit hits $39.9 billion.

    0 shares
    Share 0 Tweet 0
  • Charges on cash transactions skyrocketed by POS agents.

    0 shares
    Share 0 Tweet 0
  • Airtel Africa’s nine-month turnover hits $3.9billion.

    0 shares
    Share 0 Tweet 0
  • Why raising the Monetary Policy Rate was imperative for the Central Bank

    0 shares
    Share 0 Tweet 0
  • Naira appreciates to N746/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>