Celsius Gets Court Clearance For Crypto Payback To Creditors
Portfolio Pulse from Murtuza Merchant
Crypto lending platform Celsius, which filed for bankruptcy in July 2022, has received court approval to liquidate its cryptocurrency holdings to pay its creditors. The company can sell or convert non-Bitcoin and non-Ethereum cryptocurrencies into Bitcoin or Ethereum from July 1, 2023. The ruling comes amid increased scrutiny by the SEC on the cryptocurrency market, with major exchanges like Coinbase, Binance, and Bittrex facing actions.
June 30, 2023 | 7:30 pm
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NEGATIVE IMPACT
Bitcoin may see increased supply as Celsius is allowed to convert its altcoins into Bitcoin.
The court ruling allows Celsius to convert its altcoins into Bitcoin, potentially increasing the supply of Bitcoin in the market, which could put downward pressure on its price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Coinbase could face increased regulatory scrutiny following the SEC's actions against Celsius.
The SEC's actions against Celsius could signal increased regulatory scrutiny for cryptocurrency exchanges like Coinbase, which could negatively impact its stock price.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
Ethereum may see increased supply as Celsius is allowed to convert its altcoins into Ethereum.
The court ruling allows Celsius to convert its altcoins into Ethereum, potentially increasing the supply of Ethereum in the market, which could put downward pressure on its price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80