When it was still in business, Celsius acquired Israel-based GK8 for $115 million in November 2021. Galaxy Digital’s acquisition of the digital assets’ custodian was executed in tandem with the divestment of Celsius Network’s assets as its bankruptcy process continued.“Intends to support GK8’s ongoing operations in offering unique self-custody technology to the world’s leading financial services firms, as well as utilize GK8’s custody solution in the ongoing development of GalaxyOne.
A daily chart assessment of CEL’s performance showed increased token accumulation since 21 November. The surge in buying pressure culminated in a new bull cycle by 24 November. Thus, mirroring the rest of the general cryptocurrency market. As of this writing, CEL’s Money Flow Index inched closer to the overbought position at 66.43. A few days ago, it rested below the 50-neutral zone before the advent of the increased accumulation.
Though it was positioned below its neutral spot, CEL’s Relative Strength Index was on an uptrend at press time. Between 21 November and press time, CEL’s RSI rose from the oversold position of 27 to be pegged at 40.95. This showed that buying momentum rallied in the past few days. Likewise, the dynamic line of the Chaikin Money Flow climbed from -0. 14 on 21 November to return a positive value of 0.03 at press time. This represented a significant growth in CEL buying momentum in the last week.However, despite the uptick in CEL accumulation, investors continued to see losses in their investments. This was partly due to the downturn in the general cryptocurrency market and the sudden collapse of FTX.
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