Another crypto lender, Celsius Network, has sought bankruptcy protection in the U.S. “Customer claims will be addressed through the Chapter 11 process,” the company said. Two other crypto firms recently filed for bankruptcy protection: Voyager Digital and Three Arrows Capital (3AC). Celsius Follows Voyager, Files for Chapter 11 Bankruptcy Crypto lender Celsius Network announced Wednesday […]
Popular BTM operator, Bitcoin of America, is changing the way we think about the cryptocurrency industry. Bitcoin of America is a virtual currency exchange, registered as a money services business with the United States Department of Treasury (FinCEN)(RegNum). They currently have 2,500 plus Bitcoin ATM locations across 31 states. They offer Bitcoin, Litecoin, Ethereum, Dogecoin, […]
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Ethereum (ETH) has been receiving more attention recently from professional investors. The general sentiment surrounding the token seems to be improving even amid the crypto bear market. The prevailing downward trend had brought a sinking wave to many prominent digital assets within the past few months. Some of them have lost more than half their values since 2022. Most crypto assets have been progressively dropping in value within the week, and ETH is no exception. The price of the token also plummeted on Wednesday trades. However, Ether sees a glimpse of light from the end of the tunnel. The change has a link to the long-awaited launch of its latest development, Merge, which is getting closer. The network has been preparing for an upgrade tagged the Merge. Its launch would transfer the blockchain from operating as a Proof-of-Work (PoW) to Proof-of-Stake (PoS). Related reading | Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again? The network has been running its final test for the upgrade to ensure its maximum functionality. If all seem to flow correctly, Ethereum will launch the upgrade before October. Positivity Around ETH Increases According to the weekly report from the CoinShares fund manager on asset fund flows, there’s a significant improvement for Ether-based products. The manager noted that for three consecutive weeks, there were positive inflows for Ether-based products. As a result, ether funds amassed about $7.6 million on institutional investments. On the contrary, Bitcoin had many outflows of up to $1.7 million. While trying to explain the possible reason that gave inflows to Ether funds, CoinShares pointed to the expectation of the Merge. It mentioned that there had been eleven weeks of outflows for the asset funds within 2022. The total outflows for the year have risen to $460 million. So, the sudden twist in sentiment is positive progress for the Ethereum crypto. Investors Lose Interest In BTC As Inflows On Short Bitcoin Funds Increases Currently, the overall institutional inflows stand at $14.6 million. However, about $6.3 million comes from short Bitcoin funds implying less confidence in the leading global cryptocurrency from many investors. Also, U.S. funds and exchange inflows of approximately $8.2 million, though 76% were in short positions. This shows the same percentage for the week ending July 8. Ether-based funds got a spike in inflows from institutional investors from late June, the same week, with records of outflows up to $423 million. Notably, Bitcoin-based funds constituted a majority of the amount. Suggested Reading | Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place? The sentimental revamp on Ether from institutional investors seem not to be reflected in its spot price. Today’s chart shows that ETH is $1,091, having dropped by 1.7% within the last 24 hours. Also, the value gives about a 28% drop in its price from last month. There’s an ongoing debate on Crypto Twitter if Ether should be categorized as a security or not. Some Bitcoin maximalists support Michael Saylor, the CEO of MicroStrategy, who proposes ETH as security. However, Ethereum proponents, including Vitalik Buterin, the protocol’s co-founder, are leaning away from such a suggestion. Featured image from Shutterstock, chart from TradingView.com
Major South African exchanges have welcomed the central bank’s plans to regulate cryptocurrencies as financial assets.
After the Celsius Network’s decision last month to freeze all transactions and withdrawals, the whole cryptocurrency market plummeted into a deep and gloomy sinkhole. This week there was some good news, when Celsius paid off its remaining $41.2 million debt to the DeFi protocol MakerDAO. This payment allowed Celsius to release $448 million in collateral. However, it appears that this will be the only positive development from the U.S. crypto lender in the coming days or months. After weeks of conjecture and hearsay, Celsius’s legal counsels have formally informed regulators that the cryptocurrency lender has filed for Chapter 11 bankruptcy protection. Suggested Reading | Loopring Wobbles In Last 2 Months – Can LRC Stay In The Loop? CEL Loses Half Its Value After Bankruptcy News Following the disclosure of bankruptcy, CEL, the native cryptocurrency of Celsius Networks, lost half of its value from its intraday high of 95 cents and down to 45 cents. In the last month, there has been an increase in the number of cryptocurrency-related failures. After the crypto hedge fund Three Arrows Capital and the crypto lender Voyager Digital, Celsius becomes another domino to fall in the bankruptcy abyss. Since June 20, the price of CEL has nearly grown four-fold due to what appears to be a fervor caused by futures and derivatives traders. CEL rose from $0.28 on June 15 to $1.56 on June 21, a 456 percent increase compared to the market’s 12.36 percent increase during the same timeframe. In May, Celsius had only $12 billion in assets, which was about half of what it had at the start of the year. After that, the firm ceased revealing its assets under management (AUM). Suggested Reading | Ethereum (ETH) Continues To Lose Luster, Drops Below $1,100 Support BTC total market cap at $378 billion on the daily chart | Source: TradingView.com Celsius Was A Crypto Industry Powerhouse CEL remains under pressure to the downside as it trades roughly 80% below its April 2018 high of $8. At its prime, Celsius was a cryptocurrency industry titan. It had more than 1.7 million users worldwide and assets of more than $20 billion. The company achieved success as a result of offering investors yields in the range of 18 percent. What then happens to the CEL token? The value of CEL has decreased significantly since Celsius ceased operations. This does not, however, imply that the token will plunge to zero. Indeed, it could garner renewed attention from pump-and-dump traders. Meanwhile, Celsius asserts that it has $167 million in ready cash, which will be used to support some operations “during the reorganization process.” Featured image from CoinQuora, chart from TradingView.com
Hi all! Why information on https://ethereum.org is so incomplete? I want to start to use Ethereum, so I need at least 1. get ETH, 2. be able to transfer it. However on https://ethereum.org in main menus in "Get ETH" I could not find info on mining and as for transactions only relevant is Wallets, says…
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