Celsius Network Repays Another $34M, BTC Liquidation Price Falls Below $3K

The crypto lender’s liquidation price has plunged below $3,000, according to data. 

Celsius Network has repaid yet another $34.43 million of its debt to MakerDAO as the former blue-chip company tries to avert a total collapse.

  • This marks the second such repayment in less than 24 hours. Vault 25977, reportedly owned by Celsius, showed a series of payments starting June 14.
  • liquidation price dropped below 3000 after Celsius payment , People are starting to trust celsius again
  • Currently, the crypto lender has 21,962 wBTC as collateral and $41.2 million DAI debt positions.
  • 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 the company out but later abandoned plans after allegedly detecting a “$2 billion hole” in Celsius’ finances.
  • Celsius then went on to hire financial giant Citigroup and Akin Gump Strauss Hauer & Feld LLP to help with financial restructuring while the lender assesses its options.
  • RELATED : Shiba Inu’s New Tokens

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

Check Also


EU MPs Attack Amazon’s Participation in Digital Euro Project

A cross-party coalition of members of the European Parliament on Tuesday came under fire at …

Leave a Reply

Your email address will not be published.