LONDON--(BUSINESS WIRE)--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
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.