This crypto exchange garners double-digit growth in a single day. Read here

livemint.com:

From IPO dream to Bankruptcy! Crypto exchange Celsius empire has a bittersweet tale. The exchange is one of the domino that is currently struggling with illiquidity due to the deep depression of crypto markets. This week, Celsius has shocked the market by voluntarily opting for bankruptcy. However, on Friday, investors cheered the move by tapping Celsius and holding position in the token. Celsius has gained by more than 30% in a single day. Its the promise of recovery from the fatal crash of crypto markets, that has fuelled investors' hope in the exchange. Currently, Celsius sits on a deficit of $1.19 billion on the balance sheet.

On CoinMarketCap, Celsius currently trades at $0.78 higher by 27.13%. The coin has touched an intraday high and low of $0.8342 and $0.6121 today. Its market cap is around $186.59 million. With today's stellar performance, its weekly gains have reached around 11%, and in a month, the upside has been about 50.5%.

In its blog, on Thursday, Celsius said that the "filing follows the difficult but necessary decision by Celsius last month to pause withdrawals, Swap, and transfers on its platform to stabilize its business and protect its customers. Without a pause, the acceleration of withdrawals would have allowed certain customers — those who were first to act — to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery."

"These Chapter 11 cases provide the Company with the best opportunity to stabilize the business, consummate a comprehensive restructuring transaction that maximizes value for all stakeholders, and emerge from Chapter 11 positioned for success in the cryptocurrency