Celsius crypto token price spikes before falling again

Markets • June 14, 2022, 1:29PM EDT
The Block | Celsius

CEL, the native token of crypto lending platform Celsius, was trading up 100% on Tuesday at one point.

At the time of writing CEL was trading at $0.56, up from $0.27 a day previous representing an increase of 114%. 

The lending firm, which had some $12 billion in customer assets as of May according to the Financial Times, announced on Sunday that it would pause withdrawals on its platform — citing market conditions as the price of Ether (ETH) and other cryptocurrencies plummeted.

By 8 am Eastern Time on Monday morning CEL tokens were worth just $0.18, a week previous on June 6 they had traded as high as $0.78. 

But in a market move that seemed to end as soon as it began, the price of CEL shot up by over 100% during trading Tuesday, rising has high as $2.57, according to FTX data. The price has since declined from that spike.