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NEWS BTC | Published on 2022-10-05 | 6 hours ago

To everyone’s surprise, the Celsius Network is still operating after the drama surrounding its bankruptcy in July. Alex Mashinky, the company’s CEO, quit on September 27 despite the announcement of a revival. The Securities and Exchange Commission joined the chorus of agencies that came down hard on the company. When the SEC ruled that interest-paying crypto investments must be registered, Celsius found itself under a microscope. The native token of Celsius, CEL, was impacted by these events, but what’s more unexpected is that CEL is still being used. However, investors of CEL tokens will be even more dissatisfied now that controversy surrounds the token. As of this writing, CEL is trading at $1.37, down 6.5 percent in the last seven days, data from Coingecko show. A Chill In The Air At Celsius Unlike most widely traded currencies, trading in CEL right now is extremely light, as evidenced by the gaps in the candle chart. Recent data shows a decline in CEL token trading volume from 19.8 million to 4.49 million. The percentage reduction in business activity was staggering, at 77.3%. This is hardly surprising given that other on-chain signals also do not bode well for CEL. The market capitalization has decreased from a weekly high of $655,331,055 to $582,698,525. The coin’s trading activity is comparable to tokens with minimal activity. This is simply CEL burning off over time. Recently, though, the graphs are green. Is It Doable, Or Not? CEL is still a tradable asset on the broader crypto market, making it open to speculation despite the fact that it is barely alive. According to CoinGecko, CEL has gained 2.6% in value over the previous 24 hours. Given that there are gaps in the charts where little to no activity was recorded, this is a major surprise. However, this may not be a true recovery. Taking into account everything discussed previously, CEL may be on its last legs. Recent reports indicate that CEL’s active addresses have drastically decreased during the past month. This decline in active CEL trading addresses is a pessimistic indication to potential investors that could boost CEL’s price recovery. CELUSD pair trying to keep its balance at $1.36 on the daily chart | Source: TradingView.com Featured image from Forkast, Chart: TradingView.com
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According to a filing published by the U.S. Bankruptcy Court for the Southern District of New York, the crypto lending firm Celsius has been given a final bid deadline of October 17, 2022. Following the bankruptcy court’s final bid deadline, a sale hearing is scheduled for November 1. A report published last week noted that Sam Bankman-Fried, the CEO and co-founder of FTX, is eyeing Celsius’ assets after winning a bid for Voyager Digital’s assets last month. Celsius Bankruptcy Sale Hearing Has Been Finalized — Myriad Interested Parties Expected to Attend Crypto Lender’s Asset Sale An official court filing stemming from the Celsius Chapter 11 bankruptcy case indicates that the finalized dates for the company’s sale proceedings have been scheduled. The now-defunct crypto lender Celsius has been given a final bid deadline which is now set for Monday, October 17. Roughly two weeks later, a sale hearing will take place on November 1, and it’s expected that a large number of interested parties will attend. Furthermore, “a person familiar with his deal-making” told Bloomberg that FTX CEO Sam Bankman-Fried is looking to bid on the company’s assets. The report concerning the reported bid by Bankman-Fried follows FTX acquiring Voyager Digital’s assets on September 26 for $1.4 billion. Bankman-Fried has told the press in the past that he and FTX were willing to deploy billions on acquisition deals. Moreover, Ripple Labs executives have shown interest in Celsius’ assets in August when a spokesperson told Reuters that “[Ripple Labs is] interested in learning about Celsius and its assets, and whether any could be relevant to our business.” The sale hearing for Celsius’ assets on November 1 will be held via a video conference with judge Martin Glenn. The news of the finalized sale dates follows the founder and former CEO of Celsius Network Alex Mashinsky’s recent resignation. Furthermore, reports published on October 3 allege that Mashinsky withdrew $10 million from the digital currency platform weeks before the company shut down operations. What do you think about the finalized dates of Celsius’ asset sale? Let us know what you think about this subject in the comments section below.
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COINNOUNCE | Published on 2022-10-04 | 20 hours ago

Hold up, what happened? After dropping as low as 7% in mid-June, Lido Staked Ether (stETH) has regained its position and is now trading at 0.997 (1) per ETH. The token associated with Ethereum's largest liquid staking program has regained its 1:1 Peg to ETH. Ethereum owners who lock their ETH on Lido's liquid staking platform (2) can receive stETH tokens in exchange. The stETH ERC-20 token can be traded similarly to Ether by holders. It seemed as though Lido DAO's exclusive implementation of Ethereum might be the next DAO to fail for a while. Instead, it has mainly made a full recovery. Naturally, the rebound happened simultaneously as the DAO raised Seth's APR following Ethereum's Merge, which was a clear attempt to enhance stETHbids.It is to note that StETH and LidoDAO's LDO governance tokens do not interact in any way. Owners of LDO tokens do not get a share of the protocol's earnings or have rights to the DAO's treasury. What About the Investors?Those that staked in stETH did receive interest. One-way Peg has a two-way conversion promise. Possibly since early 2019, In Lido, 1 ETH staked is instantly convertible into one stETH; redemptions for ETH are not currently permitted. It means that stETH's Peg is currently just one-way. When the Shanghai upgrade allows users to withdraw staked Ether, according to Lido, they will be able to exchange stETH tokens for ETH at a 1:1 ratio. Although a logical market would dramatically reduce the time worth of money, stETH and ETH are trading within 0.1%. To put 0.1% into perspective, keep in mind that the current prime rate, the lowest interest rate at which USD may be borrowed commercially for one year, is 6.25% (3). StETH traded significantly below ETH for several months after losing its Peg in May this year. After the Merge on September 15, 2022, it started to recover. It instantly grew once Lido upped the stETH staking APR from 3.85% to above 5.5%Even though a logical market would dramatically reduce the time worth of money, stETH and ETH are trading within 0.1%.In the months following the loss of its Peg in May of this year, stETH traded significantly below ETH. Upon the Merge's completion on September 15, 2022, it started to recover. According to Lido's website, the APR for Ethereum staking presently returns 5.51% Image Source: Tradingview.comWas the Peg reclaimed?According to some observers, institutional cryptocurrency traders like Alameda Research allegedly led stETH to unpeg in June by selling their stETH holdings. When ETH could be sold for a price more beneficial to stETH, they alleged that affluent traders began buying stETH from lenders like Celsius Network, selling ETH, and opening short bets on ETH. The fact that the Merge was postponed twice by the Ethereum development team in 2022—in April and July—roughly coincident with the time that stETH was having trouble didn't help. Additionally, 2018 was a horrible year for crypto. In May 2022, Terra LUNA collapsed (4), shocking the cryptocurrency market. Celsius Network, Three Arrows Capital, and Voyager Capital declared bankruptcy, possibly taking the majority of investor deposits and loan collateral, including stETH, with them. Since its debut in May 2022, Lido's ERC-20 token, stETH, has had a shaky performance. De-pegging it might have been fatal. Post-Merge, it is starting to bounce back. In any case, everyone who staked on Lido will have to wait until the Shanghai renovation sometime in 2019.
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COINNOUNCE | Published on 2022-10-04 | 20 hours ago

What led to this scenario?Following the worst network meltdown in cryptocurrency history, Celsius Network (1) filed for bankruptcy. Having been caught in the crossfire, the lending platform had a $1.2 billion hole in its financial sheet, according to additional reports. A deadline for final bids on the company's assets has already been declared. The company has been undergoing bankruptcy proceedings in the US Bankruptcy Court for the Southern District of New York.What's the Future Of Celsius?The stage of the bankruptcy process when the bankrupt cryptocurrency lender Celsius Network is now accepting bids for its assets has been reached. Celsius reported that the asset's final bid date, after which no additional offers will be considered, was set for October 17 (2)On November 1, a sales hearing will take place via Zoom before Chief US Bankruptcy Judge Martin Glenn. Following Voyager Digital, which recently finalized and accepted a proposal from cryptocurrency exchange FTX (3) to acquire the firm's assets for a total of $1.4 billion, bids have been made for the company's assets. It's interesting that FTX also showed interest in buying Celsius assets.However, the cryptocurrency exchange has not yet formally offered the assets. According to the application, if an auction is required, it will take place on October 20. Interested parties will have until October 25 to protest a sale before the final sale hearing. Since the Terra network collapsed earlier in 2022, FTX has a history of saving crypto firms. Thus, the company is currently the focus of attention.Image source: Tradingview.comWhen Would  Traders Receive Their Crypto? This is the question that weighs heavily on the minds of traders. The obvious response is that users will have to wait a while before they can collect their cryptocurrency because bankruptcy proceedings of such huge corporations are frequently difficult and drawn out. Additionally, the company has not yet made available a claims form that will enable consumers to make claims for their assets based on their crypto worth rather than their USD value. There has been no progress on this front despite Celsius's announcement that it would soon. Celsius had requested permission from the court to open withdrawals for users who used "Custody" accounts back in September. The US Department of Justice, however, had objected to this and had also denied Celsius' request to sell out all of its stablecoin assets. The DOJ objected, arguing that a proper independent exam was necessary because the firm's finances had not been correct. Due to the anticipated high volume of participants, bids for Celsius' assets will begin soon.
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Troubled crypto lender Celsius Networks has set the date for bidding of its assets. After filing for Chapter 11 bankruptcy, many big players including FTX U.S. have shown interest in acquiring Celsius's assets. As per the filing with the US Bankruptcy Court for the Southern District of New York dated... Read more
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