Why Is Bankrupt Crypto Lender Celsius Rallying Today?
After briefly dipping below the $0.90 level this past weekend, Celsius (CRYPTO: CEL) has seen a rather remarkable recovery through early afternoon trading on Monday. As of 1:30 p.m. ET, this token has gained 6.5% over the past 24 hours. Now trading around $1.35 per token, Celsius has now rallied more than 55% from its weekend lows.
As many crypto enthusiasts may be aware, Celsius is a centralized lender in the crypto space that's filed for bankruptcy. Concerns over discrepancies tied to the company's reported gap between liabilities, or user deposits, and assets continue to plague this token.
Initially, Celsius reported this gap was around $1.2 billion. However, in a more recent Chapter 11 filing on Thursday, this amount was listed at more than $2.8 billion. Material weakness resulted as many investors jumped ship through Saturday.
Source Fool.com
