Celsius (CEL) price is in the midst of a strong bullish streak, up more than 200% in the past 7 days. But What is driving up the price of CEL in the market?
Apparently, the interest shown by Ripple Labs to purchase the assets of Celsius Network and the rumors about a possible acquisition by other major companies, such as Goldman Sachs, are positively and significantly influencing the price of the CEL cryptocurrency.
According to data from cryptocurrency pricing platform CoinMarketCap, CEL is trading at around $4,46 per unit At the time of this edition, which represents a current increase in its price of 208,5% in the last 7 days.
With this increase, the CEL cryptocurrency has reached an 8-month high and is positioned as the main gainer in the crypto market this week.
Source: CoinMarketCap
Reuters reported that blockchain company Ripple Labs, which develops the XRP cryptocurrency, is interested in acquiring cryptocurrency lender Celsius Network, which filed for bankruptcy last July and reportedly owes more than $1.000 billion to its users.
Celsius Network has become one of the industry’s leading cryptocurrency lending platforms, managing over $25.000 billion in assets.
However, following the fall of cryptocurrencies and the decoupling of staked ETH, on the Lido staking platform, from ether (ETH), the crypto lending platform began to have liquidity problems, closed operations to users and subsequently declared bankruptcy.
It may interest you: Ripple Labs Considers Celsius Network Purchase
Rumors of Celsius's acquisition push up CEL's price
According to Reuters, a Ripple Labs spokesperson stated that the blockchain company is considering purchasing Celsius Network and its assets, indicating that Ripple Labs has been analyzing whether the cryptocurrency lending platform's assets may be relevant to its business.
Likewise, the company spokesperson clarified that Ripple Labs is also interested in expanding into other areas of the crypto industry, so “is actively seeking M&A opportunities to scale strategically”.
On the other hand, at the end of June, there were also rumors about the interest of the financial giant Goldman Sachs, one of the largest investment banking groups in the world, Buy Celsius Network AssetsAs reported by this media, Goldman Sachs was looking to raise around $2.000 billion to negotiate the acquisition of cryptocurrency lender Celsius.
The volume traded with CEL doubles
Over the past week, CEL trading volume has doubled. At the time of writing, this volume is over $31 million per day. As of last Monday, CEL trading volume was around $14,8 million, according to data from CoinMarketCap.
Celsius's market cap has also increased with the cryptocurrency's price surge. Currently, CEL's market cap is $927 million, up 3,95% on Monday.
Continue reading: Celsius Network pays off all MakerDAO debt
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