Celsius Network shook the entire crypto space with bankruptcy filings during early trading hours. The native token CEL also reacted negatively as the asset is down by almost 50%. However, the community led a brief squeeze in an effort to recover the damages done as they believed that evacuations could never resume.
The community had previously attempted a similar action, leading to a 100% increase in prices. A similar action was attempted a few hours ago for fear of losing all the money. Short squeezing means that excessive buying pressure to eliminate shorts has become quite common nowadays. Therefore, the squeeze could be due to the platform locking up user funds for about a month.
The above chart clearly shows a brief squeeze being made with the price falling below $0.4. A notable buying pressure was sustained while the bears were left with no room to make their presence felt. According to data from Coinglass, there have been massive liquidations of short positions over the past few hours, pushing the CEL price above $0.65 at press time.
Over the past 12 hours, the announcement led to around $906.4K of long liquidations, which were further balanced with $737.89K of short liquidations. Major exchanges such as FTX, Huobi and Okex saw very few liquidations. FTX, on the other hand, aims to accumulate more CEL tokens in the spot market and close their positions.