Celsius
Network (https://celsius.network/),
the industry-leading cryptocurrency lending and borrowing platform, saw
an increase of over 40% in the value of its CEL utility token during the
first day of trading on Liquid
Exchange (https://www.liquid.com/)
triggering the exchange’s circuit breakers to temporarily halt CEL
activity on the platform.
According to the company blog,
Liquid Exchange utilizes, “what are known as ‘circuit breakers’, which
monitor every trading pair for extraordinary price movements. If an
asset’s price moves a significant percentage in either direction within
a 15 minute timeframe a circuit breaker triggers temporarily halting
trading for the affected market until it is manually restarted.”
This news comes less than 24-hours after the CEL token went live on
Liquid Exchange with first-day volume rounding off just under $150,000.
Combined with volume from IDEX, the total volume for CEL for June 12,
2019 was just shy of $300,000 – an increase of over 500% compared to the
daily average from the previous 10 days.
Coin value volatility is commonplace in the crypto ecosystem, however,
such an extreme spike in the CEL token on its first day of trading is
highly unusual and can be caused by a number of external factors
including optimistic public sentiment, market demand, and particularly
large market orders.
“Celsius spent the last year delivering to our community. We are very
excited to see that the community is now delivering to us by supporting
the CEL token listing on Liquid,” said Alex Mashinksy, CEO and founder
of Celsius Network.
The CEL utility token provides members with access to Celsius’ suite of
financial services including up to 25% higher earned interests on
non-CEL deposits, lower interest rates on coin and fiat loans, premium
support and service, exclusive community updates and events, and more.
About Celsius Network
Celsius Network addresses the financial needs
of today’s consumers worldwide through a high interest income and low
cost lending accessible via a mobile app. Built on the belief that
financial services should only do what is in the best interests of the
depositor community, Celsius is a modern platform where membership
provides access to curated financial services that are not available
through traditional financial institutions. Crypto holders can earn
interest by transferring their coins to their Celsius Wallet and borrow
USD against their crypto collateral at interest rates as low as 4.95%
APR or earn up to 10% on stable coins and other crypto coins.
For
additional information please visit www.celsius.network
About Liquid
Founded in 2014, Liquid is a global cryptocurrency
platform that provides trading, exchange, and next generation financial
services powered by blockchain technology. With offices in Japan,
Singapore and Vietnam, Liquid combines a strong network of local
partners with extensive team experience in banking and financial
products to deliver best in class financial services for its customers.
Today, Liquid is the world’s largest crypto-fiat platform by transaction
volume, regulated in Japan. Powered by the World book, which provides
customers enhanced price matching and deeper liquidity for various fiat
and cryptocurrency pairs, Liquid offers trading services for major
cryptocurrencies such as Bitcoin and Ethereum against fiat currency
pairs in Japanese yen, US, Singapore and Australian dollar, and Euro.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190613005375/en/