After the New York court gave Celsius the nod to convert its assets into BTC and ETH, the tides around the project changed.
On 1 July, Celsius had gottenfrom the U.S. Bankruptcy Court in New York to take action. In one section of the ruling, where it also considered Celsius’ debtors and creditors, the court agreed that,
“In compliance with paragraph 4 of the Cash Management Order and this Stipulation and Order, the Debtors, in consultation with the advisors to the Committee, may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than such tokens that are associated with Withhold or Custody accounts to BTC or ETH commencing on or after July 1, 2023.”Following the development, the project’s native token, CEL, lost 11.09% of its value in the last 24 hours.
The fall in trading volume indicated declining momentum. Since it was a case of falling prices on decreasing volume, it equally meant that CEL’s shift in direction was non-negotiable after its recent
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