Celsius Users Will Have Option To Get Cash at a Discount or ‘Remain Long’ on Crypto: Bankruptcy Management Firm

July 20, 2022 The Daily Hodl

Report: Equitiesfirst Named as Mystery Debtor to Celsius, $439 Million Owed to Crypto Lender

July 17, 2022 Bitcoin.com

Celsius Network Reveals Plans To Compensate Depositors Despite Massive $1,190,000,000 Balance Sheet Deficit

July 16, 2022 The Daily Hodl

Class Action Lawsuit Accuses Troubled Crypto Exchange Celsius of Running Like a ‘Literal’ Ponzi Scheme

July 15, 2022 The Daily Hodl

Two Bitcoin price prediction polls, same outcome: $10K BTC is coming

July 15, 2022 Coin Telegraph

Bitcoin

While a classic technical indicator could be hinting at BTC price falling below $13,000 as well.

Bitcoin (BTC) investors in China plan to buy the dip despite an ongoing market correction and a nationwide crypto ban, a new survey shows.

Consensus sees Bitcoin at $10K

A survey of 2,200 people conducted on China-based social media platform Weibo found that 8% of would buy Bitcoin when its price hits $18,000, according to Wu Blockchain. While 26% of the respondents prefer to wait until BTC reaches $15,000.

But a majority anticipated the price to fall even further with 40% saying they would buy BTC at $10,000.

In a survey of more than 2,200 people conducted in Chinese crypto community on Weibo, 8% of the voters believed that Bitcoin and Ethereum could be buy the dip when the price reached $18000/1000; 26% will buy in $15000/800; 40% will buy in $10000/500. pic.twitter.com/L2HsetMSk7
— Wu Blockchain (@WuBlockchain) July 14, 2022

Chinese investors more cautious on Bitcoin than U.S.

Interestingly, another survey conducted by Bloomberg MLIV Pulse earlier in July yielded a similar outcome: 60% of the net 950 respondents on Wall Street calling for a $10,000 Bitcoin price.

The two polls show a striking similarity in bearish sentiments of crypto speculators in the U.S. and China. Nonetheless, on-chain activity shows that investors in the U.S. have been more bullish on Bitcoin versus their Asian counterparts since June 2022.

In particula, Bitcoin's month-to-month price change, which tracks the 30-day change in the regional BTC price, has been positive only during U.S. sessions. Conversely, the metric has only been negative during Asian trading hours, data from Glassnode shows.

*Bitcoin month-over-month price change. Source: Glassnode*

Technical indicator hints at BTC price below $13K

Simultaneously, weakening technicals are also starting to support further downside, particularly on the larger three-day timeframe.

*BTC/USD three-day price chart featuring "bear flag'"setup. Source: TradingView*

Bitcoin has been forming a potential "bear flag" pattern that could result in a drop below $13,000 by September, as illustrated above.

As Cointelegraph reported, persistent macroeconomic headwinds for BTC/USD continue to fuel bearish arguments against increasing evidence of a possible price bottom.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Celsius Files for Bankruptcy — Regulator Says the Crypto Lender Is ‘Deeply Insolvent’

July 14, 2022 Bitcoin.com

California regulator investigating crypto interest accounts

July 13, 2022 Coin Telegraph

California DFPI

The regulator also said in its view that certain crypto interest account providers were providing unregistered securities, such as BlockFi and Voyager.

The California Department of Financial Protection and Innovation (DFPI) has warned consumers to “exercise extreme caution” when dealing with interest-bearing crypto-asset accounts.

The DFPI stated that it is investigating multiple crypto interest account providers to determine whether they are “violating laws under the Department’s jurisdiction.”

In a July 12 note, the DFPI emphasized that crypto-interest account providers “are not governed by the same rules and protections as banks and credit unions” and that some platforms are “preventing customers from withdrawing from and transferring between their accounts.”

“The Department warns California consumers and investors that many crypto-interest account providers may not have adequately disclosed risks customers face when they deposit crypto assets onto these platforms.”

“Consumers are encouraged to exercise extreme caution before responding to any solicitation offering investment or financial services,” the DFPI added.

The DFPI also said that in its view certain crypto-interest account providers have been providing unregistered securities, pointing to two cease and desist orders it recently issued to BlockFi and Voyager to stop their offerings in California.

The warning comes in response to crypto interest account providers such as Celsius Network and Voyager Digital both locking up customer assets over severe liquidity issues amid a crypto bear market.

As it stands, customer funds of both platforms have been locked up for several weeks, with the fate of their depositors’ holdings is still unclear.

Voyager has at least outlined a potential recovery plan after post-bankruptcy restructuring, which would allow depositors to receive a combination of Voyager tokens, cryptocurrencies, “common shares in the newly reorganized company,” and funds from any proceedings with 3AC.

However, the company has also tentatively suggested that it may not be able to make all users whole again.

In a blog post on Monday, Voyager stated that “the exact numbers will depend on what happens in the restructuring process and the recovery of 3AC assets.”

Depositors weren’t happy, with Twitter user SizzleMcAffy seemingly echoing the DFPI’s concerns about risk disclosures:

“If I’d known that this platform could freeze my assets without consent, I’d never have opened an account. It’s crazy that you all can use our assets to prop your value up. This kind of behavior is going to severely damage the crypto industry.”

DeFi Protocol Built on Ethereum Explodes 125% in Hours As Centralized Finance Firms Struggle

July 5, 2022 The Daily Hodl

Report: Crypto Hedge Fund Three Arrows Capital Pitched a GBTC Arbitrage Trade Before Rumored Collapse

June 22, 2022 Bitcoin.com

Celsius token CEL rises 300% in one week amid a GameStop-like ‘short squeeze’ event

June 21, 2022 Coin Telegraph

CEL Price

The crypto lending platform's Insolvency risks puts CEL price at risk of a 70% drop.

The price of CEL, the native token of Celsius Network, has almost quadrupled since June 19 in what appears to be a frenzy stirred up by day traders.

CEL price short squeeze

CEL's price rose from $0.67 on June 19 to $1.59 on June 21, a 180% spike compared to the crypto market's 12.37% rise in the same period.

Notably, the rally started after PlanC, an independent market analyst, announced a $20 million bounty for anyone who could prove that the Celsius Network suffered a coordinated attack at the hands of a third party, which prompted the crypto lending firm to suspend withdrawals last week.

*CEL/USD daily price chart. Source: TradingView*

The announcement led to a frenzy on Twitter, with many accounts placing the hashtag #CelShortSqueeze in their bio and thus reflecting their intentions to target investors who have betted CEL's price would fall.

The hashtag was trending higher in the U.S. on Twitter. Meanwhile, internet queries for the keyword, "CEL short squeeze" also reached a perfect score of 100 between June 12 and June 18, according to data tracked by Google Trends.

*Internet queries for 'CEL Short Squeeze.' Source: Google Trends*

The "trending" hashtag and keyword hint that day traders bought CEL tokens en masse, thus pushing its price upward.

Thus, investors who were "short," i.e., those who borrowed and sold the token in anticipations of buying it back at a lower price, had to purchase back at a higher price instead to "cover" their bearish positions.

As a result, the so-called "short squeeze" proved successful, resulting in a massive CEL rally.

$CEL this actually might become the trade of the year. Shorters got REKT big time...

You can't make this shit up, that's why I love #Crypto #Celsius #CelShortSqueeze pic.twitter.com/A6OQwoQMhS
— DoopieCash® (@DoopieCash) June 21, 2022

The event served as a reminder of the popular GameStock stock frenzy in January 2021, wherein an army of Redditors profited by damaging the short positions of Melvin Capital and other hedge funds, causing billions of dollars of losses.

Insolvency risks sustain

Celsius Network, which held over $20 billion worth of digital assets under management last year, now risks becoming an insolvent organization. The reason is its inability to pay excessively high yields to clients (as much as 18%) on their crypto deposits.

In May, Celsius had only $12 billion worth of assets, almost half of what it held at the beginning of 2022, according to its website. The firm stopped disclosing its assets under management afterward.

CEL, a native currency inside the Celsius ecosystem for earning interest income and paying back debts, remains under downside pressure as it trades almost 84% below its peak level of $8 in April 2021.

The CEL/USD pair now eyes a retest of $1.95 as its range resistance level, according to the Fibonacci retracement graph shown below.

*CEL/USD weekly price chart. Source: TradingView*

While a successful break above the level could have CEL test $3.11 as its next upside target, a pullback, on the other hand, could drive the price lower toward $0.34, the current range support, down 73% from today's price.

celsius network