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- Celsius is also searching for additional financing possibilities from other investors, according to the WSJ, but is also considering other measures, such as financial restructuring, to keep afloat during these trying times, according to individuals familiar with the situation.
- According to Coinmarketcap, the company’s native token CEL is currently trading at $0.4819, a drop of approximately 90% from its previous value of $3 in April 2022. On June 14, however, the CEL token regained some of its strength after receiving three DAI purchases totaling $28 million.
- The crypto market appears to have been influenced by Celsius Network’s decision to cease its withdrawal, with its overall market cap falling below $1 trillion on June 13. Bitcoin’s value plummeted when Celsius announced its decision to halt withdrawals, dipping below $24,000 for the first time since January 2021
According to a recent story in the Wall Street Journal, the crypto lending platform Celsius Network has recruited restructuring counsel from the law firm Akin Gump Strauss Hauer and Feld to help with the company’s current financial troubles.
Celsius Network Is Looking For More Help And Is Considering Reorganizing Its Finances
Celsius is also searching for additional financing possibilities from other investors, according to the WSJ, but is also considering other measures, such as financial restructuring, to keep afloat during these trying times, according to individuals familiar with the situation.
Celsius, one of the most well-known crypto lenders, shocked the internet when it announced it will cease withdrawals, swaps, and transfers because of extreme market conditions. Over the years, the crypto lender platform has built a solid reputation as a major provider of crypto loans and interest on crypto deposits. With its current halt, however, numerous crypto critics have labeled the firm’s actions as Ponzi, claiming that it was unable to save itself from adverse market trends.
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Three DAI Purchases Totaling $28 Million
According to Coinmarketcap, the company’s native token CEL is currently trading at $0.4819, a drop of approximately 90% from its previous value of $3 in April 2022. On June 14, however, the CEL token regained some of its strength after receiving three DAI purchases totaling $28 million. According to Etherscan’s findings, these transactions were initiated from an Ethereum contract address indicating an Oasis loan.
The crypto market appears to have been influenced by Celsius Network’s decision to cease its withdrawal, with its overall market cap falling below $1 trillion on June 13. Bitcoin’s value plummeted when Celsius announced its decision to halt withdrawals, dipping below $24,000 for the first time since January 2021. The Bitcoin fear and greed index also reflects signals of anguish, showing severe worry in the wake of Bitcoin’s recent price drop. BTC is currently trading at $21,144 as of this writing.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
