Celsius Sinks Again as Company Files Motion to Sell Stablecoin Assets
Among the various sagas playing out in the cryptocurrency sector right now is that of embattled crypto lender Celsius (CRYPTO: CEL). With bankruptcy proceedings underway, this centralized crypto company is looking for ways to appease investors, while also attempting to assuage investors with a restructuring plan. Today, investors don't seem to be buying what Celsius is selling, with the token down 2% over the past 24 hours, as of 2 p.m. ET. Earlier today, this token had dropped as much as 13% over a 24-hour period.
Today's token-specific news is a formal motion put forward by the company to sell some of its stablecoin holdings to pay for ongoing operational expenses. Most notably, the stablecoin funds Celsius is looking to sell appear to be held primarily by retail investors, stoking the ire of the crypto community today.
For investors looking at Celsius as a potential speculative bet, there are some previous rallies to look to as reasons to consider this token on dips. Various short squeezes alongside spurts of optimistic sentiment in the market have taken Celsius' token on some parabolic near-term moves. That said, for the most part, Celsius' story doesn't look very promising right now.
Source Fool.com
