Wednesday, August 10, 2022
Home Crypto News Market Celsius Rise As Rumors Circulate Celsius Is Due For A Bailout

Celsius Rise As Rumors Circulate Celsius Is Due For A Bailout

- Advertisement -
Follow-Us-On-Google-News

 

Celsius may be finally looking at a light at the end of the tunnel after a week of turmoil and the threat of liquidation.



Rumors currently gracing the crypto waves currently have it that Celsius, the embattled DeFi platform, could be in for a takeover by another party with deeper pockets. Celsius has spent the last week trying to keep afloat and avoid liquidation after BTC prices fell and took it with them.

The platform halted withdraws and has been working on topping up its collateral to prevent losses that might occur if its holdings get liquidated. The situation was made worse by BTC’s price drop to below $20k. The company has also faced a threat of a class action lawsuit for halting withdrawals.

How It Would Work

Now, there are some rumors that another entity may be interested in bailing out Celsius. Basically, the company in question would have to use its resources to provide more collateral and liquidity to the platform. Withdrawals and transfers would be resumed, and the Celsius Network would operate normally. It would also take over assets currently owned by Celsius.

Famous Twitter influencer Alfred says:

“There are some rumors circulating in the market about a possible Celsius bailout. A bailout in the form of a full acquisition of all Celsius assets and liabilities could be a huge win for Celsius customers as withdrawals could restart using the larger company’s balance sheet.”

 

However, the rumors don’t hint at which company among the numerous crypto entities in the industry may be in talks with Celsius. Still, these reports of a possible bailout to a company on the brink of total collapse are a source of hope for many investors – especially those whose digital assets have been locked up in Celsius.

Celsius was trading at $0.74 yesterday and is now up almost 100%, touching the intraday high of $1.63, currently trading at $1.38.

Deal Not Guaranteed

At this point, investors need to remember that deals depend on how the two entities engage and if they reach an agreement to that effect. In this case, while there are rumors of a possible deal in the process, it’s not guaranteed.

Success in this regard would create a better environment for the CEL to thrive as investor confidence would be boosted. The community is eager to find out more details of the deal and identify the “big money” entity in question.

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Bernnan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Metaverse Memecoin Tamadoge Raises $1 Million Midway Through Its Beta Sale

London, UK, 10th August, 2022, ChainwireTamadoge, the P2E metaverse meme coin, has raised $1 million after just 12 days of its beta sale. The...

Vitalik Buterin, Justin Sun, Binance, FTX Join 440 Addresses Receiving 0.1 Ethereum From Sanctioned Tornado Cash

  Binance and FTX Join the 440 Addresses That Received 0.1 ETH From Sanctioned Tornado Cash. window.coinzilla_display =...

Nigerians Can Now Pay Their Utility Bills With Bitcoin

  Cryptocurrency is now accepted for utility payments in Nigeria. window.coinzilla_display = window.coinzilla_display || ; ...

GALA, The World-Leading Web3 Company, Spearheads A New ERA Of Entertainment With GALA FILM

Jackson, USA, 9th August 2022, Chainwire Announce Partnership With Stick Figure Productions to Distribute Four Down Executive Produced by Dwayne Johnson and More. Gala, one of...

XRP Shuffling Continues, 375 Million XRP Moved Around Ripple, Exchanges, and Unknown Wallets 

  Whale Alert continues to keep tabs on these large XRP movements. window.coinzilla_display = window.coinzilla_display || ; ...

Ethereum Proof-of-Work Fork (ETHPOW) Driven By Miners To Abolish EIP-1559

  EIP-1559 will be abolished in the Ethereum proof-of-work (PoW) fork. window.coinzilla_display = window.coinzilla_display || ; ...

CryptoCom CEO: Crypto Industry Will Comeback Very Strongly

Crypto Industry Will Come Back Very Strongly, says the world's top exchange CEO. window.coinzilla_display = window.coinzilla_display ||...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.