The global market for digital assets experienced a significant rebound on Friday, following a sharp drop the day before. The failed cryptocurrency lender Celsius Network has chosen to liquidate all of the clients’ altcoins as part of its new reorganization strategy as the market struggles with the increased selling pressure.
Celsius Prepared To Perform A Rug Pull?
As stated in the announcement, Celsius Network will begin selling all altcoins on July 1, 2023, with the exception of custody and withheld account holding. It stated that Bitcoin (BTC) and Ethereum (ETH) will be created using the money recovered from the sale.
According to reports, the Celsius network may dump roughly $215 million worth of altcoins starting on July 1. According to the source, the cryptocurrency lender has 6.6 million Celsius tokens (CEL) valued at $70.5 million. At the time of publication, CEL was trading for an average price of $0.1054.
Polygon (MATIC) was Celsius’ second-largest altcoin holding. It has MATIC tokens worth about $51.8 million. Over the past seven days, the token has already experienced a fall of more than 25%. At the time of publication, MATIC had a market cap of around $5.3 billion and was trading at an average price of $0.57.
Cardano (ADA) is the next significant token that can be subject to selling pressure. According to information, Celsius is the owner of 1.03 million ADA tokens, valued at about $26.2 million. Cardano, meanwhile, is in decline as a result of being classified as a security in a US SEC complaint. Over the past 24 hours, the price has decreased by over 17%. At the time of publication, ADA has a market cap of more than $9 billion and is currently trading at an average price of $0.25.
Chainlink (LINK), Litecoin (LTC), Polkadot (DOT), Bitcoin Cash (BCH), Aave (AAVE), BNB, and other significant cryptocurrencies are among those that the defunct cryptocurrency lender reportedly held.