{"id":462928,"date":"2022-06-14T23:15:17","date_gmt":"2022-06-14T20:15:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/celsius-cel-price-gains-600-but-analysts-cite-exchange-error-and-a-massive-short-squeeze\/"},"modified":"2022-06-14T23:15:17","modified_gmt":"2022-06-14T20:15:17","slug":"celsius-cel-price-gains-600-but-analysts-cite-exchange-error-and-a-massive-short-squeeze","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/celsius-cel-price-gains-600-but-analysts-cite-exchange-error-and-a-massive-short-squeeze\/","title":{"rendered":"# Celsius (CEL) price gains 600%+, but analysts cite exchange error and a massive short squeeze"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a349e4661a09\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a349e4661a09\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/celsius-cel-price-gains-600-but-analysts-cite-exchange-error-and-a-massive-short-squeeze\/#%E2%80%9D_Celsius_CEL_price_gains_600_but_analysts_cite_exchange_error_and_a_massive_short_squeeze_%E2%80%9C\" >&#8221; Celsius (CEL) price gains 600%+, but analysts cite exchange error and a massive short squeeze &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/celsius-cel-price-gains-600-but-analysts-cite-exchange-error-and-a-massive-short-squeeze\/#Are_debt_repayments_boosting_investor_confidence\" >Are debt repayments boosting investor confidence?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/celsius-cel-price-gains-600-but-analysts-cite-exchange-error-and-a-massive-short-squeeze\/#User_interface_problems_on_FTX\" >User interface problems on FTX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/celsius-cel-price-gains-600-but-analysts-cite-exchange-error-and-a-massive-short-squeeze\/#Its_just_another_short_squeeze\" >It&#8217;s just another short squeeze<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Celsius_CEL_price_gains_600_but_analysts_cite_exchange_error_and_a_massive_short_squeeze_%E2%80%9C\"><\/span>&#8221; Celsius (CEL) price gains 600%+, but analysts cite exchange error and a massive short squeeze &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>On June 14, discussions of Celsius continued to populate <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> headlines and June 14&#8217;s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> involved the platform&#8217;s CEL token accruing massive gains after what <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to have been either an exchange glitch or a short-squeeze. CEL price spiked from $0.18\u00a0 to $1.55 in one abrupt candle before sinking back to $0.60 within the same one-hour candle.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/4e775fa1-ae76-40b6-9f4e-7b3f689a8e03.png\"><figcaption style=\"text-align: center;\"><em>CEL\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Currently, analysts are on the fence about the reason for the explosive price breakout. Some cite Celsius repaying a portion of its debts as a reason, while others pinpoint a possible error on the FTX exchange as the reason for what appears to be a short squeeze.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Are_debt_repayments_boosting_investor_confidence\"><\/span>Are debt repayments boosting investor confidence?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Celsius has been scrambling to cover a number of its debts and it is possible that some investors view this as a sign that the platform will be able to survive the current mayhem.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">DAI arriving.<\/p>\n<p>Celsius finally going to start paying back the debt after buying enough time by reupping collateral to lower liq? <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/z6y165fzlL\">pic.twitter.com\/z6y165fzlL<\/a><\/p>\n<p>\u2014 Hsaka (@HsakaTrades) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/HsakaTrades\/status\/1536724496404684800?ref_src=twsrc%5Etfw\">June 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Twitter analyst Hsaka said that on-chain data shows that the $28 million in Dai (DAI) that was recently deposited into a wallet controlled by Celsius and has since been sent to a separate address, which he\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/HsakaTrades\/status\/1536725589436125185\">identified <\/a>as a debt repayment address. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/470daeed-4f7c-44f4-a06e-5fcadbea6d26.jpg\"><figcaption style=\"text-align: center;\"><em>Celsius wallet transactions. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Analysts believe that the Celsius&#8217;s strategy is to lower its liquidation price in the MakerDAO vaults\u00a0 where it holds funds and ultimately avoid insolvency. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"User_interface_problems_on_FTX\"><\/span>User interface problems on FTX<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While the beginning of debt repayment might have helped inspire more confidence in Celsius, several crypto traders reported issues when trying to buy and sell the token on FTX exchange.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/94edf59e-a7b7-49ab-99ca-476ff2adfdf3.jpg\"><\/figure>\n<p>Several replies to the tweet above <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/forecastooor\/status\/1536765123284545541\">confirmed<\/a> user difficulties when trying to sell CEL on FTX, and Twitter user Karl Larsen <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/0xkarl_larsen\/status\/1536766821298315264\">said<\/a>\u00a0that they \u201ccould only fill my shorts at 0.87\u20130.95.\u201d<\/p>\n<p>The possibility that the difficulties with the user interface on FTX played a part in CEL&#8217;s rapid spike was also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/kingfisher_btc\/status\/1536742689902845953\">noted<\/a> by analytics provider TheKingFisher, who posted the following chart highlighting when the user interface went down in relation to when CEL price pumped. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/4a5bfdd4-56f9-47bb-85ac-2fa597bcd02b.jpg\"><figcaption style=\"text-align: center;\"><em>CEL\/USD price. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>According to TheKingfisher, when the UX went down, \u201cmost traders [were] unable to hedge, close [or] reduce their positions.\u201d<\/p>\n<p>The firm said, <\/p>\n<blockquote><p>\u201cSpot market went above $2 to break index and trigger liquidations on purpose. That&#8217;s a spot manipulation to liquidate traders. Index being calculated on FTX itself. This is not outside of their boundary against fraud [to] keep the market organized.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Nexo offers to buy out Celsius\u2019 loans amid withdrawal suspension<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Its_just_another_short_squeeze\"><\/span>It&#8217;s just another short squeeze<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Some analysts say the price breakout was nothing more than an old-fashioned short squeeze, as noted by Saleem Lala. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bigger play was to liquidate <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24CEL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$CEL<\/a> shorts on perps. <br \/>Funding was super high, over 2500% annualized, meaning lot of people were short. <\/p>\n<p>Prices didn&#8217;t move much on the perps, meaning there weren&#8217;t natural buys, but liquidations mostly as the mark price went up <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/GCeJNma6IF\">pic.twitter.com\/GCeJNma6IF<\/a><\/p>\n<p>\u2014 Saleem Lala (@saleemlala) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/saleemlala\/status\/1536758967879118848?ref_src=twsrc%5Etfw\">June 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>It remains to be seen what happens with the price of CEL moving forward, and it seems the most likely culprit was a cascading liquidation because these types of events are relatively frequent during strong market volatility. For example, Chain (XCN) token underwent a similar event on June 14 as its price dropped 95% due to cascading liquidations.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/celsius-cel-price-gains-600-but-analysts-cite-exchange-error-and-a-massive-short-squeeze\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Celsius (CEL) price gains 600%+, but analysts cite exchange error and a massive short squeeze &#8220; On June 14, discussions of Celsius continued to populate media headlines and June 14&#8217;s news involved the platform&#8217;s CEL token accruing massive gains after what appears to have been either an exchange glitch or a short-squeeze. CEL price&#8230;<\/p>\n","protected":false},"author":1,"featured_media":462929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMDE3ZWU5ZWMtZDRlYS00MGU2LWFjMTAtYjZlODEwZTEzYjM1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74863,74868,73785],"class_list":["post-462928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-cryptocurrencies","tag-defi","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/462928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=462928"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/462928\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/462929"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=462928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=462928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=462928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}