The Situation Around Celsius and the Dynamics of Cryptocurrencies

To keep going, bankrupt cryptocurrency platform Celsius Network is currently trying to sell its stablecoin to cover its operating costs after it recently received a license to sell its bitcoin (BTC).

In a petition filed in court seeking the company's bankruptcy, Celsius said it held $23 million worth of stablecoins distributed among its subsidiaries in the US, UK and Europe.

As such, the funds will not be used to repay the numerous creditors of the bankrupt cryptocurrency lending platform, and it remains to be seen if the judge in charge of the case, Martin Glenn, will agree to Celsius's request.

As a reminder, Celsius Network will be saddled with about $3 billion in debt, which is a disastrous situation for thousands of platform users who will never see their funds frozen in their accounts by the company and now they have lost all confidence.

In the process of restructuring, the company is looking for funding to be able to continue to work and pay people within the company.

Ups and downs

The BTC exchange rate fluctuates around $19,800. ETH amid the merger shows an 8% decline. Among altcoins, the dynamics is also not unambiguous. The growth leaders among altcoins were CHZ, LUNC, ATOM, the fall leaders were CEL, RVN, ETC. With a total BTC dominance of 40.76%, the altseason index is 69. 

Also in the last 24 hours, there were a total of 74,561 order liquidations totaling $260.91M. The largest liquidation order was on Okex - BTC-USD-SWAP and was worth almost $2.42M. More than half of all liquidations occurred in ETH.

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