Everything seems to be going well for Terra Classic (LUNC) and Celsius (CEL). But as things start to pick up, the overall fall in the cryptocurrency market could call everything into question. What should we expect?
Big recovery for Celsius (CEL) and Terra Classic (LUNC)
The downfall of the Luna ecosystem earlier this year caused a lot of upset for the crypto market. After more than a year and a half of positive prices, cryptocurrencies have fallen in historical fashion and so far they are struggling to regain their former glory.
But while everyone lost interest in Luna, Terra Classic pleasantly surprises the markets with a reprise by more than 152% in less than a week. Currently the crypto is trading at $0.000275 as opposed to $0.000.0006 a week ago. However, LUNC is not the only crypto to rise.
Indeed, the curve also looks positive for Celsius. On September 2, the token hit its intraday high of $1.67. This price is higher than the previous day when a CEL token was trading at $1.15. Thus, the Celsius crypto is up 50%.
The dramatic recovery comes as Celsius Network, the parent company, filed a court petition to return some of its customers’ blocked funds. However, it is accompanied by a decline in trading volumes, which probably suggests the lack of conviction of traders.
Prices could fall again
Even though many investors expected the crypto winter, no one would know when it would happen. As a result, the year 2022 surprised many crypto exchanges with the dramatic decline in the markets. However, it is not just exchanges that have been affected as many crypto companies have suffered. In this case Celsius Network.
The crypto lending firm is one of multiple victims of the downtrend. Due to the bankruptcy, the company was forced to close its customers’ accounts to fill the $2.85 billion hole in its balance sheet. As for the Terra Classic, the collapse of Terra Luna accelerated the liquidation of the tokens. The recent rise in the prices of these tokens, while interesting, leaves investors perplexed.
In fact, people are wondering. What is behind this sudden recovery? Recently, the founder of TerraForm Labs said he’s sure there’s a mole on his team. However, this does not change much because Anonymous, the famous group of activists is determined to bring him to justice.
Celsius’ willingness to return some of its customers’ blocked funds is a commendable move. However, this is far from solving all of society’s problems. Indeed, Earn accounts had over 4.2 billion in crypto assets as of July 10. Thus, even the 50% rise in the price of crypto cannot put a stop to bankruptcy. As for the Terra Classic, nothing is certain.
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