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According to “two people familiar with the matter,” the cryptocurrency lending company Celsius is working with the financial giant Citigroup in order to get advice on how to handle the firm’s financial hardship. The sources note that Citigroup was hired by Celsius to help the company find “potential financing.” Sources Say Celsius Is Looking for … Read more
Reports from different media outlets in the last week also suggested the Celsius Network has lost major backers and onboarded new attorneys amid a volatile crypto market. Go to Source Powered by WPeMatico
BitBoy Crypto founder Ben Armstrong said that Celsius won’t let him withdraw money from the platform without sending more money to it first. Go to Source Powered by WPeMatico
The crypto-lending firm Celsius, which offers high-yield returns on user deposits, appears to be the latest to falter in the face of tightening financial conditions. It also came barely one month after the Terra-Luna stablecoin network collapsed. Background Celsius Network is a blockchain-based lending platform accessible through a free mobile app. Celsius Network is a … Read more
A separate graph also saw USDC and BUSD supply drop sharply in May, however both have since rebounded and are close to being back to their respective all-time high levels. Go to Source Powered by WPeMatico
Pro traders were forced to cut their losses after margin and futures markets became over-leveraged, creating a potential entry point for bullish buyers. Go to Source Powered by WPeMatico
Following the rumors and speculation surrounding the crypto lending firm Celsius, a Wall Street Journal report, quoting “people familiar with the matter,” explains that the company is reportedly hiring restructuring lawyers. Basically, hiring restructuring and insolvency attorneys is one of the first stages of fixing a company’s financial hardship by essentially attempting to avoid insolvency. … Read more
Carnage for short-term traders and speculators as volatility destroys both long and short positions on the way to $20,000. Go to Source Powered by WPeMatico
Is it time to be greedy? Experienced market makers and arbitrage desks have turned strongly risk-averse as BTC price dropped to $22,600. Go to Source Powered by WPeMatico
On Monday, June 13, 2022, the crypto economy dropped below the $1 trillion region, as a great majority of crypto assets have lost between 10% to 25% during the last 24 hours. Meanwhile, the crypto community has been discussing the cryptocurrency lending application Celsius as rumors of insolvency have been swirling. On June 12, around … Read more
