Price Analysis

More Trouble for Celsius Network as Canadian Regulators Team Up With US’s SEC

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 10, 2022

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The Terra-UST collapse has led to a domino effect in the crypto space which does not appear to have settled. As Celsius Network reported a liquidity issue, the withdrawals & transfers were halted. However, as it filed for bankruptcy, the trouble raised notably which peaked as the US regulators tightened their grip over the platform. 

However, in a recent update, Canada has also joined hands with the US and investigated the impact of the multi-billion dollar collapse on the users. No doubt Celcius never registered with Canada’s regulators, the country’s authorities are working with SEC to check the trans-border issue. 

celsius network which once had $28 billion in assets under management, lost more than 88% of its assets during the mid-June crash. However, the platform owes its users more than $4.7 billion which includes $150 million of investors’ funds too. 

Celsius (CEL) Price Analysis

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  • Celsius Network price is undergoing a parabolic recovery ever since the token crashed in May 
  • The community reportedly carried out a couple of short squeezes to uplift the price which has induced a notable bullish momentum
  • The fresh price slash driven by the market sentiments may drag the price slightly lower but the asset may withstand the bearish pressure and rise high very soon
  • Eventually, the CEL price could regain the $2 level at the earliest and surpass the crucial resistance at $2.5 in the coming weekend

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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