Celsius pays off loans for a total of $154 million in Bitcoin
Celsius pays off loans for a total of $154 million in Bitcoin
Crypto

Celsius pays off loans for a total of $154 million in Bitcoin

By Stefania Stimolo - 6 Jul 2022

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Within two days, cryptocurrency lending company Celsius Network paid off its loans totaling $154.8 million in Bitcoin as the liquidation price dropped yesterday to $2,722.06

Celsius Network and the payment of its loans in Bitcoin

It appears that cryptocurrency lending company Celsius Network has been paying off its loans in Bitcoin, totaling $154.8 million, with the liquidation price dropping to $2,722.06 yesterday. 

“JUST IN: Celsius Network has paid off another $40.8 million towards its Bitcoin loan. Their liquidation price has dropped to $2,722.06”.

Basically, on 4 July, Celsius reportedly repaid a first $50 million loan in BTC and, after 3 hours, a second $64 million loan in BTC, for a total of $114 million. Yesterday, however, another payment of $40.8 million was made on its loan

With this roundup of payments, Celsius’s liquidation price dropped to $8,838.57 on the first payment, then $4966.99 on the second, and now stands at $2,722.06

Celsius Network: over 20 days of blocked withdrawals from the platform

It has been more than 20 days since Celsius Network blocked withdrawals and transfers from its platform. The first reason for doing so was directed at the critical external market conditions that would have put the platform in a state of standstill to pay off the crypto loans. 

But even at that time, there was a suspicion that there was more to it, and that rather than a matter of stabilizing liquidity, the platform had, instead, shortcomings

Moreover, during those days, it appears that someone opened a 17,919 WBTC position on Maker, borrowing 278 million DAI. The suspicion is that the address of who opened the position was that of Celsius

Due to the inability to access their funds, many investors are on hold. It is not yet known when all activities will resume.

The price of the CEL token 

Taking a look at the token of Celsius Network (CEL), it appears that there has been a price pump of +30% in the past 7 days, rising from $0.7 to the current $0.9, touching $1 on yesterday’s trading day. 

At the time of writing, CEL has a total market cap of $217 million, and a crypto market dominance of 0.02%. It ranks 121st in the crypto rankings by market capitalization. 

Despite the financial turmoil, Celsius has continued to pay weekly rewards to its users. But the rewards cannot be withdrawn because assets are still locked on the platform.

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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