Key Reasons Why Celsius (CEL) Suddenly Dropped To Intraday Low

• The Celsius token has hit an intraday low dropping by 13.26%.
• CEL’s lawsuit and bankruptcy proceedings contribute heavily to the CEL token’s fluctuation.
• CEL’s top execs cashed out $42 million in crypto before bankruptcy.

Amid CEL’s bankruptcy proceedings and circumstances surrounding its lawsuit, the Celsius token has experienced many ups and downs, finally hitting an impulsive intraday low. Crashing by 13.45% in the last 24 hours, CEL’s price stands at $1.12 USD today with a 24-hour trading volume of $23,022,010 USD.

Following a downward trajectory and depreciating by over 8.28% in just a week, Celsius’ current market capitalization is $268,254,766 USD with a circulating supply of 238,863,520 CEL coins.

Long-term recovery for the token seems doubtful since CEL’s Market Value to Realized Value (MVRV) ratio didn’t predict any improvement and was observed to be consistently declining. One of the main reasons behind this fall is the decrease in active addresses on the Celsius network.

The declining number of active addresses resulted in reduced velocity for the token as it wasn’t being exchanged across addresses. Simultaneously, Celsius’ social mentions fell by 15.3% with a 10.5% descent in the number of engagements.

Moreover, a statement filed by Financial Affairs on October 5, revealed that ex-CEO Alex Mashinsky and former CSO Daniel Leon withdrew $42 million from custody accounts via Bitcoin, Ether, USDC, and CEL, between May and June 202, prior to suspending withdrawals on the platform under “extreme market conditions” and filing for bankruptcy.

According to matching transactions, CTO Nuke Goldstein moved over $20.8 million across different accounts retained on the Celsius platform. The majority of the funds were deposited to co-founder Goldstein’s personal account over at Celsius, which he provided as collateral.