Celsius Starts Swapping Altcoins for Bitcoin, ETH; Chainlink, Aave, Others At Risk
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Bankrupt crypto lender Celsius Network has begun the process of swapping altcoins for Bitcoin (BTC) and Ethereum (ETH). The recent court approval (June 30) granted the company permission to convert its altcoin holdings into the two leading digital assets, raising concerns about a potential sell-off of popular altcoins. Celsius Network, known for its altcoin lending services, has been undergoing bankruptcy proceedings since July 2022 when it filed for Chapter 11 protection, revealing liabilities of up to $10 billion. The recent court ruling allows Celsius to convert its altcoins into BTC and ETH starting from July 1. LINK, AAVE And SNX
Institutions such as Alameda Research and Celsius Network are depositing their Ethereum (ETH) to Coinbase. Meanwhile, the ETH supply on centralized exchanges has been increasing. Ethereum has been an underperformer compared to Bitcoin or Solana during the recent bull rally. Meanwhile, the increased supply on centralized exchanges might further hinder…
Following the approval of spot Bitcoin and Ethereum ETFs, other altcoin ETFs are also expected to be approved. While there are already applications for altcoin ETFs for some altcoins like Solana (SOL) and XRP, BlackRock has closed the door on any other ETFs. Bloomberg ETF analyst Eric Balchunas shared BlackRock…
Bitcoin (BTC) has broken records and reached new ATHs many times, but this remains a distant dream for many, especially Ethereum (ETH). Because ETH and most altcoins are still far from their previous ATHs. At this point, while investors are still waiting for a major altcoin season to come, a…