Celsius crypto token price spikes before falling again

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.

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Adam Morgan is The Block's markets reporter. He has been based in London for the past year, initially freelancing and working for a start-up there before beginning a fellowship at Business Insider. He Tweets @AdamMcMarkets