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Following approval from a New York Court, Celsius Network, a cryptocurrency company facing bankruptcy, is actively working on repaying approximately $2 billion in Bitcoin and Ethereum debts, including shares from a crypto mining company.
Bankrupt #Celsius network has transferred more than $125 million worth of ETH to exchanges.
— Solix Trading (@Solix_Trade) January 15, 2024
Including approximately $95.5 million worth of #ETH to Coinbase and $29.73 million worth of ETH to FalconX.
Celsius currently has 539,000 ETH left, worth $1.38 billion
To accumulate the necessary funds for debt repayment, Celsius has strategically moved over $125 million in Ethereum to major cryptocurrency exchanges. Notably, $95 million in ether was transferred to Coinbase, while $30 million in ether went to FalconX. Presently, Celsius holds around 539,000 Ethereum, valued at $1.38 billion, and 9,799 Bitcoins worth approximately $417 million. These asset movements have sparked speculations, with concerns about a potential massive dump and subsequent drop in the price of ether.
Celsius Network- Market Movements and BlackRock’s Impact on Cryptocurrency Dynamics
Cryptocurrency Dynamics: FTX Moves $28 Million, BlackRock’s Bitcoin Acquisition, and Ethereum ETF Interest
FTX and its branch, Alameda Research, have begun transferring $28 million in cryptocurrencies across different exchanges, causing concerns about a potential sell-off. However, with the current positive market conditions, the impact of these sales may be mitigated, as institutional investors could step in to acquire these assets.
Simultaneously, BlackRock, a major investment firm, recently made a substantial purchase of 11,500 Bitcoins within two days following the approval of a Bitcoin ETF.
This acquisition, considering the limited new Bitcoin supply, raises concerns about a potential shortage if demand continues to rise.
Furthermore, BlackRock’s expressed interest in creating an ETF for Ethereum has garnered increased attention for Ethereum, especially after the firm’s CEO voiced support for the cryptocurrency.
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