HomeTradingLatest crypto news and performance for Celsius (CEL) and Stellar (XLM)

Latest crypto news and performance for Celsius (CEL) and Stellar (XLM)

How are the prices of crypto assets Celsius (CEL) and Stellar (XLM) doing? A look at the latest news and performance of the blockchain industry with a particular focus on these two coins.

Analysis of the Celsius (CEL) and Stellar (XLM) crypto assets

It is worth mentioning that Celsius Network (CEL) is a bankrupt cryptocurrency lending company. Specifically, Celsius allowed people to earn interest on deposited cryptocurrencies and/or give and borrow them.

Stellar (XLM), on the other hand, is an open source cryptocurrency exchange protocol founded in early 2014 by Jed McCaleb and Joyce Kim. The decentralized peer-to-peer network is often considered the main competitor to XRP, even though it offers different versions of the same use case.

Celsius Network and the restructuring plan for the crypto lender

Bankrupt cryptocurrency lender Celsius Network recently announced that it will pursue its Chapter 11 restructuring plan with a disclosure statement containing information for claim holders.

The statement, filed on 12 April, provides adequate information for claim holders to vote on the proposed NovaWulf-sponsored restructuring plan.

Celsius first presented the plan in February, which proposed the creation of a public platform wholly owned by Earn creditors called NewCo.

The committee of creditors will appoint the majority of the company’s board members, with no involvement or relationship to the founder of Celsius.

The goal of this plan is to ensure a fair restructuring process that prioritizes the interests of creditors and other stakeholders.

In addition, the statement includes details of the events that led to Celsius’ bankruptcy, the expected clawbacks for certain stakeholders if the restructuring plan is approved, and answers to frequently asked questions.

The bankruptcy court is scheduled to hold a hearing to approve the disclosure statement on 17 May, with a vote on the plan to follow.

Since the filing of Chapter 11 in July 2022, Celsius’ bankruptcy proceedings in court have included discussions about the company’s Earn program assets, crypto holdings, Bitmain coupons, and personal information of its users.

In March, the bankruptcy judge approved a settlement plan that allows Celsius deposit holders to recover 72.5% of their cryptocurrencies.

As part of its bankruptcy proceedings, Celsius has been exploring various restructuring options to address its financial challenges.

The proposed plan sponsored by NovaWulf is one such option, which seeks to create a fair and transparent process for creditors and other stakeholders.

The United States and crypto regulation: word from CEO of Stellar (XLM)

US financial regulators are tightening their grip on the cryptocurrency industry, and the US dollar has also come under pressure from countries moving away from dollar hegemony.

However, the CEO of Stellar (XLM) says regulation of stablecoins could solve some of the problems. In an interview with Bloomberg on 11 April, Denelle Dixon, CEO and executive director of the Stellar Development Foundation, talked about the prospects of regulating dollar-linked digital assets in the United States.

Dixon said she is very optimistic that there will be some form of regulation of stablecoins in the United States by the end of the year, as they have interests in setting the standard:

“If we want a strong US dollar globally, a USD stablecoin is the way to make that happen.”

President Joe Biden’s administration has already highlighted the need for a stablecoin framework, but Dixon said it must be approved by Congress:

“If we don’t do something in the US, we’re going to end up in this forked world where we have legislation outside the US that is friendlier to cryptocurrencies. There will be companies outside the US and there will still be the problem that consumers Americans will want to exploit this technology.”

In addition, Dixon stressed that the focus should be more on utility and value to users than on the technology stack. Finally, as is well known, stablecoins currently account for about 10.5% of the entire cryptocurrency market capitalization, with $133 billion in circulation.

Hence, Dixon argued that it is critical that they be regulated and accepted in America, as the vast majority of them are pegged to the US dollar.

Focus regarding the price of the Stellar (XLM) crypto

The value of Stellar (XLM) has risen since the beginning of the year. In January, in fact, it broke through a descending resistance line that had been in place for 616 days. As the market teaches, such breaks from long-term structures usually result in significant upward movements.

After confirming the line as support, XLM’s price broke above the longstanding resistance level of $0.100. This marks a positive development in a trend that favors buyers. If the price continues to rise, the next resistance level will be at $0.235.

In addition, the weekly RSI supports the ongoing rise as it has passed the 50 level. The last time the RSI went clearly above 50 was in November 2020, which preceded a 900% price increase. Therefore, it is possible that a similarly high price rise will occur again.

chart price crypto stella xlm

In any case, the technical analysis of the daily time frame supports the optimistic outlook of the weekly analysis. On 21 March, the price broke out of a descending resistance line.

Subsequently, it reached a new high for the year of $0.114 on 1 April. Although, it is worth noting, the price has declined since the daily RSI has not generated any bearish divergence.

 

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.
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