Celsius Network repaid another $34 million
7/6/2022, 01:05 PM
Celsius Network repaid another $34 million to MakerDAO, in an effort to avert a total collapse.
This marks the second such repayment in less than 24 hours. Currently, the crypto lender has 21,962 wBTC as collateral and $41.2 million DAI debt positions. Earlier this week, the liquidation price stood at $8,838.57 when Celsius paid off a $50 million BTC loan.
As recently reported the crypto lender had repaid $120 million to MakerDAO. The largest payment of $64 million was made on July 4, during which liquidation plunged to $4,966.99. Additionally, the firm also paid a total of $67 million in debt to Aave and Compound on July 2. The main objective of the loan repayments is to bring down the threshold at which it would be forcibly liquidated.
Celsius reportedly laid off around 150 employees a fortnight after halting withdrawals, among all other network services. The beleaguered company received a rescue offer from its rival Nexo; FTX also offered to bail out Celsius but later abandoned plans after allegedly detecting a “$2 billion hole” in Celsius’ finances— prompting Celsius to hire financial giant Citigroup and Akin Gump Strauss Hauer & Feld LLP to help with financial restructuring while the lender assesses its options.
The liquidation price for Celsius is now under 3000 dollar. No manipulation should get that price realised. And in case the BTC price will drop so low a Celsius liquidation will no longer matter.
The outlook for Celsius and Crypto is very well.
This marks the second such repayment in less than 24 hours. Currently, the crypto lender has 21,962 wBTC as collateral and $41.2 million DAI debt positions. Earlier this week, the liquidation price stood at $8,838.57 when Celsius paid off a $50 million BTC loan.
As recently reported the crypto lender had repaid $120 million to MakerDAO. The largest payment of $64 million was made on July 4, during which liquidation plunged to $4,966.99. Additionally, the firm also paid a total of $67 million in debt to Aave and Compound on July 2. The main objective of the loan repayments is to bring down the threshold at which it would be forcibly liquidated.
Celsius reportedly laid off around 150 employees a fortnight after halting withdrawals, among all other network services. The beleaguered company received a rescue offer from its rival Nexo; FTX also offered to bail out Celsius but later abandoned plans after allegedly detecting a “$2 billion hole” in Celsius’ finances— prompting Celsius to hire financial giant Citigroup and Akin Gump Strauss Hauer & Feld LLP to help with financial restructuring while the lender assesses its options.
The liquidation price for Celsius is now under 3000 dollar. No manipulation should get that price realised. And in case the BTC price will drop so low a Celsius liquidation will no longer matter.
The outlook for Celsius and Crypto is very well.