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

The mother of all economic crisis may be on its way

World Bank say CBN’s policies continues to damage Nigeria’s business environment

Defi protocols declined by $124 billion in 6 weeks.

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

The mother of all economic crisis may be on its way

The mother of all economic crisis may be on its way

by Rate Captain
June 23, 2022
0

Going by the data from the National Bureau of Statistics Nigeria’s inflation rate for the month of May stands at...

CBN governor respond to APC 100M president form

World Bank say CBN’s policies continues to damage Nigeria’s business environment

by Rate Captain
June 21, 2022
0

The World Bank has stated that the Central Bank of Nigeria’s multiple exchange rates, trade restrictions, and the financing of...

Defi protocols declined by $124 billion in 6 weeks.

Defi protocols declined by $124 billion in 6 weeks.

by Rate Captain
June 21, 2022
0

The total value locked (TVL) on ethereum, a metric that attempts to track the value of tokens deposited in a...

Fuel scarcity hits Lagos in some parts of Lagos, as filling stations hoard product

Fuel scarcity hits Lagos in some parts of Lagos, as filling stations hoard product

by Rate Captain
June 20, 2022
0

  Fuel scarcity is building up in Lagos as many motorists find it increasingly difficult to buy fuel. We have...

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

IMF says Forex premium in the black market limits the benefits of increased exports

Central Bank Digital Currencies: South Africa and Ghana to Launch Digital CBDCs

June 28, 2022
MTN’s MoMo alleges over ₦22bn fraud involving 18 banks

MTN’s MoMo alleges over ₦22bn fraud involving 18 banks

June 28, 2022

Popular Story

  • DMO offers June 2022 FGN savings bond for subscription

    Nigeria’s debt-to-GDP ratio hits 23.3% as debt stock rises to N41.6 trillion in Q1 2022

    0 shares
    Share 0 Tweet 0
  • Central Bank Digital Currencies: South Africa and Ghana to Launch Digital CBDCs

    0 shares
    Share 0 Tweet 0
  • Polygon gets $450 million funding to explore web 3

    0 shares
    Share 0 Tweet 0
  • Cadbury Nigeria says it faced huge challenges in sourcing US dollars for importation

    0 shares
    Share 0 Tweet 0
  • IMF says Forex premium in the black market limits the benefits of increased exports

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

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

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

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

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

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.