{"id":120494,"date":"2023-07-10T20:22:14","date_gmt":"2023-07-10T20:22:14","guid":{"rendered":"https:\/\/dripp.zone\/news\/celsiuss-bankruptcy-induced-liquidation-plans-could-pressure-overall-crypto-market-kaiko-crypto-news\/"},"modified":"2023-07-10T20:22:16","modified_gmt":"2023-07-10T20:22:16","slug":"celsiuss-bankruptcy-induced-liquidation-plans-could-pressure-overall-crypto-market-kaiko-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/celsiuss-bankruptcy-induced-liquidation-plans-could-pressure-overall-crypto-market-kaiko-crypto-news\/","title":{"rendered":"Celsius’s bankruptcy-induced liquidation plans could pressure overall crypto market: Kaiko\n – Crypto News"},"content":{"rendered":"

<\/p>\n

Bankrupt lender Celsius’s plan to liquidate<\/a> its altcoins for bitcoinBTC<\/a>) and Ethereum (ETH<\/a>) could exert more pressure on the crypto market, according to a July 10 reports<\/a> from blockchain analytical firm Kaiko.<\/p>\n

Kaiko noted that most altcoins held by Celsius had recorded significant drops, ranging from 6% to as high as 84%, in their liquidity over the past year.<\/p>\n

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\u201cThe aggregated market depth for Celsius’ altcoin holdings has declined by 40% since 2022, totaling around $90mn in early July.\u201d<\/p>\n<\/blockquote>\n

Per the chart below, only Litecoin (LTC<\/a>), Bitcoin Cash (BTC<\/a>), Polygon (Matic<\/a>), and Aave (AAVE<\/a>) saw pronounced changes in their liquidity situations over the past year, while others mostly declined.<\/p>\n

Source: Kaiko<\/figcaption><\/figure>\n

BCH and LTC, in particular, saw a surge in their liquidity situation after EDX, a crypto exchange backed by traditional financial institutions, enabled<\/a> support in june.<\/p>\n

The crypto company further noted that Celsius’s total altcoin holding exceeded $90 million, “which means it will be difficult for the company to liquidate without incurring high price slippage.” It added:<\/p>\n

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\u201cMore than 60% of altcoin market depth is concentrated on Binance and other off-shore exchanges while 30% is on US exchanges.\u201d<\/p>\n<\/blockquote>\n

CEL token liquidity is almost non-existent<\/h2>\n

According to Kaiko, Celsius faces a problem as there is almost no liquidity for its most significant altcoin holding. cel<\/a>,<\/p>\n

CEL is Celsius’s native token, accounting for nearly 65% \u200b\u200bof the bankrupt firm’s total altcoin holdings.<\/p>\n

\n

\u201cThere is virtually no liquidity for CEL as measured by market depth, which has collapsed to just $30k, concentrated mostly on OKX and Bybit.\u201d<\/p>\n<\/blockquote>\n

\"Celsius
Source: Kaiko<\/figcaption><\/figure>\n

Since Celsius filed for bankruptcy, the lender’s native token has seen waned interest, with its value dropping to under $1 after peaking at over $8 in 2021, according to CryptoSlate’s<\/em> date<\/a>,<\/p>\n

The post Celsius’s bankruptcy-induced liquidation plans could pressure overall crypto market: Kaiko<\/a> appeared first on CryptoSlate<\/a>,<\/p>\n","protected":false},"excerpt":{"rendered":"

Bankrupt lender Celsius’s plan to liquidate its altcoins for bitcoinBTC) and Ethereum (ETH) could exert more pressure on the crypto market, according to a July 10 reports from blockchain analytical firm Kaiko. Kaiko noted that most altcoins held by Celsius had recorded significant drops, ranging from 6% to as high as 84%, in their liquidity […]<\/p>\n","protected":false},"author":2,"featured_media":120495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-120494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=120494"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120494\/revisions"}],"predecessor-version":[{"id":120496,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120494\/revisions\/120496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/120495"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=120494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=120494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=120494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}