The price of CEL registered gains during the weekend trading session. This was the result of a settlement between Celsius and its unsecured creditors.
Celsius [CEL] price saw growth during the weekend’s trading session as the beleaguered token rose 5% between July 22 and 23. During the intraday trading session on July 22, the price of CEL rose 12% and is now among the best gainers of the day, data from CoinMarketCap revealed.
Read Celsius Network’s [CEL] Price forecast 2023-2024
Celsius and his creditors can finally come face to face
The rally over the weekend was driven by news that Celsius had reached a settlement with the Official Committee of Unsecured Creditors over a class claim. In this claim, account holders accused the crypto platform’s former management of participating in fraudulent activities, misrepresentation, and other actions that allegedly caused them harm.
According to court documents filed on July 20, the bankrupt lender noted that the settlement with the commission was designed to avoid major harm to “creditors from delayed distributions and ultimately reduced distributions due to higher administrative costs associated with assessing such claims.”
Celsius said it is willing to offer an additional 5% on the claims of account holders who opt for the settlement of the lawsuit.
“Each Eligible Account Holder who does not waive the Settlement will receive a claim in the amount of 105% of their scheduled claim, which will supersede and destroy all related Proofs of Claim filed by that Account Holder,” the court filing read.
For account holders not accepting the terms of the settlement, Celsius added:
“But any account holder who opts out will not receive the increased claim amount, will not receive any distribution from the debtors until their applicable proofs of claim are fully and finally resolved by the bankruptcy court — which will likely be months — perhaps years — after the Effective Date, and will have to litigate and prove or otherwise resolve their proof of claim against the debtors after the Effective Date.”
CEL accumulation accumulates on a daily chart
A closer look at the price of CEL revealed that the value of the alt is up 38% over the past month. This price jump was due to an increase in CEL accumulation, as shown by a D1 chart.
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The main momentum indicators were up at the time of writing and have started an upward trend since the beginning of the month. For example, at the time of writing, CEL’s RSI was 57.27, while the MFI was moving slightly closer to the overbought position at 77.41.
Source: CEL/USDT on TradingView
The price jump may also be due to the increased profitability currently associated with trading CEL tokens. According to on-chain data provider Santiment, the ratio of CEL’s daily on-chain trades to profits is greater than those that yield losses.
Source: Sentiment
This post Celsius: CEL meets as bankrupt lender settles with its creditors
was published first on https://ambcrypto.com/celsius-cel-rallies-as-bankrupt-lender-reaches-settlement-with-its-creditors/
