On Tuesday, it was recorded that the trading price of Celsius (CEL) recorded a dip and then a rise in its value.
Price Dump and Pump on September 27
The data surrounding CEL shows that its value experienced a 12% dip in the earlier trading session for the cryptocurrency on September 27.
However, the dip did not stay up for long as the trading price of CEL started to move in the upward direction. Right after experiencing a dip, CEL recorded a surge in its value.
In the latter hours of trading, the trading price of CEL recorded a significant boost that was 17%. According to the analysts, there were two catalysts that resulted in the movements recorded for CEL.
CEL Appeared Extremely Volatile
In the past couple of days, extreme volatility was recorded on CEL. The dip was recorded after an official announcement that was made by the Celsius Network.
It was announced that Alex Mashinsky, the CEO at the Celsius Network had reportedly stepped down from his post in the company.
The news was a huge letdown and a shocker for the entire Celsius community. It sent ripples throughout the Celsius network and many investors were unhappy with the decision made by Mashinsky.
FTX Exchange Came to Save the Day
As the investors were trying to digest the news of Mashinsky stepping down from the company’s CEO post, another major announcement was made.
This time, it was involving the FTX US exchange that is owned and run by the crypto-billionaire, Sam Bankman-Fried.
Just a few hours after Mashinsky’s announcement, it was revealed that the FTX US exchange was considering entering the bidding for acquiring Voyager Digital’s assets.
The news was later updated confirming that Sam Bankman-Fried’s exchange had successfully won the bid to acquire the Voyager Digital assets. The exchange reportedly won the bid at a price of $1.4 billion.
The bid for the assets was around $1.3 billion but Voyager Digital also claimed that their assets would have increased value in near future. Voyager Digital projected the turnover to be around $100 million, making it a $1.4 billion bid.
CEL’s Upward Movement
Despite the crypto winter, the trading price of CEL has continued moving in the ascending channel. The data shows that CEL’s price has been moving in the upward channel since June 13.
CEL’s price was moving in the higher zone until the Terra Network cash took place. Since then, the trading price of CEL has more than halved but it has still managed to survive the harsh situation.
As the Celsius Network started to feel the pressure from the Terra Network crash, FTX US exchange reportedly bought a majority stake in the network.
This not only helped the network from sinking but also helped push its token’s trading value higher.