Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Celsius (CEL) has been rallying in recent times. The native token of the now bankrupt Celsius Network had taken a nosedive when the company had first filed for bankruptcy, but it seems the time is changing with the recent recovery. As Celsius continues with its proceedings, the price of CEL has shot up over the last week, reaching as high as $2. What Is Behind CEL Recovery? The recovery in CEL\u2019s price has obviously come as a surprise to the market. The altcoin had struggled tremendously before finding its footing once more. But the rally that followed has exceeded expectations on all fronts. After struggling below $1 for the better part of last month, the digital asset has now found some much-needed reprieve. Related Reading: What Is FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours? CEL\u2019s price soared about 50% in the last 7 days alone, causing it to touch as high as $2 in the early hours of Tuesday. It has since retraced back down to around $1.80, but the bull trend continues to hold and has triggered speculations around what was causing the increase in price. However, the reason behind the CEL run-up is a simple one of supply and demand. Since Celsius had begun bankruptcy proceedings, it has locked up a large amount of crypto on its platform. Now, the majority of that crypto was being held on the exchange to earn CEL rewards, which is how new supply was introduced into the market. Since all of the cryptos are now frozen, CEL inclusive, and there is no new supply being pumped into the market, it has led to a supply squeeze. CEL price at $1.85 | Source: CELUSD on TradingView.com Simply put, there is now more demand for CEL than there is supply. Celsius is not allowed to put new tokens into the market, which means that the only available tokens are the supply currently in the market. Short sellers are also being forced to close their positions, else, they lose a lot of money in the short squeeze, leaving only the long-term traders and CEL bulls to dominate the market. Related Reading: Number Of Crypto ATMs Installed Worldwide Reaches New Milestone This singular reason alone has rewritten a bullish part for the digital asset. Bankruptcy proceedings are known to take years, an example is the Mt Gox case, and with most liquid CEL supply being frozen on the platform for years, it is expected that this will be a prolonged short squeeze. However, not a lot of optimistic price predictions are now emerging for the altcoin due to this reason. Price Estimates from Coinmarketcap show that investors expect the digital asset to hit as low as $0.77 in the month of September. Featured image from The Coin Republic, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":498186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86559],"tags":[86358,86563,86562,86560,86561],"class_list":["post-498182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-celsius","tag-cel","tag-celsius-bankruptcy","tag-celsius-price","tag-celusd","tag-celusdt"],"acf":[],"yoast_head":"\n
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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/www.wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"CEL Rallies To $2 As Bankruptcy Proceedings Continue, But Rally May Just Be Starting","url":"http:\/\/www.wncen.com\/news\/celsius\/cel-rallies-to-2-as-bankruptcy-proceedings-continue-but-rally-may-just-be-starting\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/celsius\/cel-rallies-to-2-as-bankruptcy-proceedings-continue-but-rally-may-just-be-starting\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2022\/08\/Celsius.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2022\/08\/Celsius.jpeg?fit=1140%2C641"},"articleSection":"Celsius","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["cel","celsius bankruptcy","celsius price","celusd","celusdt"],"dateCreated":"2022-08-09T17:00:25Z","datePublished":"2022-08-09T17:00:25Z","dateModified":"2022-08-09T17:00:25Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"CEL Rallies To $2 As Bankruptcy Proceedings Continue, But Rally May Just Be Starting\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/celsius\\\/cel-rallies-to-2-as-bankruptcy-proceedings-continue-but-rally-may-just-be-starting\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/celsius\\\/cel-rallies-to-2-as-bankruptcy-proceedings-continue-but-rally-may-just-be-starting\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/Celsius.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/Celsius.jpeg?fit=1140%2C641\"},\"articleSection\":\"Celsius\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"cel\",\"celsius bankruptcy\",\"celsius price\",\"celusd\",\"celusdt\"],\"dateCreated\":\"2022-08-09T17:00:25Z\",\"datePublished\":\"2022-08-09T17:00:25Z\",\"dateModified\":\"2022-08-09T17:00:25Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2022\/08\/Celsius.jpeg?fit=1140%2C641","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/498182"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=498182"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/498182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/498186"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=498182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=498182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=498182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}