Celsius Network’s native token CEL rocketed upward late Tuesday amid reports that FTX’s Sam Bankman-Fried could bid on the bankrupt crypto bank’s assets.
The token, which had nosedived earlier Tuesday after the surprise departure of Celsius CEO Alex Mashinsky, jumped over 15% off its 24 hour lows following the Bloomberg report. It was trading hands around $1.52 at press time.
The fuel for CEL’s late-day rally came courtesy of crypto’s spending chief bailout officer, Sam Bankman-Fried, whose FTX exchange has been consolidating power in the crypto industry through whirlwind deals with distressed competitors. Late Monday, FTX won the bidding for Voyager Digital’s assets, valued at $1.4 billion; FTX claims it has $1 billion left to spend on acquisitions.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.