• CEL’s value continued to drop following Celsius’ bankruptcy proceedings.
• CEL’s price took an unimpressive turn after the 29 June short squeeze put short sellers at a loss.

Despite the recent approval from the judge overseeing Celsius’ bankruptcy proceedings, its native token, CEL, experienced a continued decline in trading value. 

Read Celsius’ [CEL] Price Prediction 2023-2024

The approval allowed the troubled crypto lender to initiate the sale and conversion of its altcoins into popular cryptocurrencies, Bitcoin [BTC] and Ethereum [ETH], starting from 1 July.

At press time, CEL exchanged hands at $0.1543, logging a 4% price decline in the past 24 hours, per data from CoinMarketCap. The decrease in CEL’s value came after it experienced a momentary hike in value on 29 June. 

The rally was due to a high volume of bets against CEL, following a 45% drop in value in the preceding month. On-chain data from Santiment confirmed increased network activity for the alt on 29 June, as its active addresses and new addresses count jumped by 92% and 42%, respectively, on that day.

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Author: Abiodun Oladokun

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