Schlagwort: crypto business

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Celsius files for Chapter 11 bankruptcy: CEL price on the decline

As the volatile crypto market continues to tumble, Celsius Network has decided to seek help from the authority by filing a voluntary petition under the Chapter 11 bankruptcy code at the United States Bankruptcy Court for the Southern District of New York. 

This comes after the crypto lender tried implementing a number of measures including withdrawing WBTC and ETH tokens from Aave to pay its loans.

Following the news of the filing of the Chapter 11 Bankruptcy, the native token of Celsius Network, CEL, took a bow and has almost shed a quarter of its previous gains. 

Over the last 30 days, CEL price had risen by about 112.5%. However, today at the time of writing, CEL had registered a drop of about 16.5% over the past 24 hours.

Celsius is. However, not the first crypto firm to file for Chapter 11 bankruptcy. Over the past month, major crypto firms like crypto lender Voyager Digital and crypto hedge fund Three Arrows Capital have also filed for the same in an effort to secure their companies. 

Why did Celsius file for Chapter 11 Bankruptcy?

After filing for Chapter 11, Celsius will be able to continue with its operations once the bankruptcy court approves its filing. However, the firm maintained that customers will still not be allowed to carry out withdrawals at the moment.

In the meantime, Celsius will be undergoing a restructuring process that will be aimed at increasing the value for its investors. Where during the process, it will provide ample liquidity to support some of its operations with its $167 million cash at hand as it tries to stabilize its businesses.

A restructuring process might be the only remedy for the crypto firm during the current bear market condition.

While addressing the matter, Celsius CEO and Co-founder, Alex Mashinsky said:

“This is the right decision for our community and company. We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.”

To save the company from insolvency, Celsius stopped all withdrawals last month. This has helped them pay off part of the debts they owed. In total, they have paid out debts amounting to about $800 million to a number of other crypto firms including Maker, Aave, and Compound Finance.

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Here is why MATIC is up by more than 10% today

The cryptocurrency market is yet to kick the ground running this week and could end the week trading in the negative zone.

The cryptocurrency market has been underperforming since the start of the week. Over the last 24 hours, the total market cap is down by less than 1% and currently stands above $880 billion. 

Bitcoin is looking to surge past the $20k resistance mark again despite going down by 0.5% over the past few hours. Ether, on the hand, is looking to climb above the $1,100 resistance point after adding 1% to its value today.

However, MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC is up by more than 10% in the last 24 hours, outperforming the other major cryptocurrencies.

The primary catalyst behind the ongoing rally is the announcement that Polygon is the only blockchain project chosen to be a part of the Disney Accelerator program. 

The 2022 Disney Accelerator, is a business development program designed to accelerate the growth of innovative companies from around the world.

Key levels to watch

The MATIC/USD 4-hour chart has turned bullish as Polygon has been performing well over the past 24 hours.

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 61 shows that MATIC is currently not in the oversold region and could rally towards the overbought zone in the coming hours or days.

At press time, MATIC is trading at $0.625. If the rally continues, MATIC could surge past the first major resistance level at 0.70 before the end of the day.

MATIC is retracing some of its earlier gains and could slip below the $0.57 support level if the bears remain in control of the broader cryptocurrency market. 

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DASH is about to relinquish another support with $19 in focus

  • Dash blockchain enables online payments for over 10,000 digital merchants and retailers.

  • DASH has fallen by 2.25% in 24 hours, increasing weakness at a support.

  • Price could proceed to $19 if it fails recovery at $40.

DASH, the crypto token of blockchain platform Dash, is down 2.25% in the last 24 hours. The cryptocurrency has fallen by almost 75% this year. DASH still has more room to fall as most cryptocurrencies edge lower. 

Initially developed as a privacy-preserving blockchain, Dash evolved to streamline online commerce. The project’s code was copied from Litecoin. The protocol was meant to allow efficient and less costly payments than Bitcoin. The blockchain boosts 1-second transaction speeds. Currently, Dash is a payment partner for at least 10,000 online merchants. On its website, Dash mentions more than $4.48 billion payments volume in Q4 2021.

The growth of DeFi and digital transactions is a plus for DASH. However, DASH investors may have to put up with a bear market. This analysis finds that DASH could find the next support at $19.

DASH weakens further at the $40 support

Source – TradingView

DASH is deeply in the bear zone, as the MACD indicators show. The cryptocurrency is yet to cross above the 21-day moving average since November 2021. The current $40 price level is a support zone, but DASH is showing signs of breaking below. If the $40 fails to hold, DASH could settle at $19. The level coincides with the price it was back in 2017 before the bull run. Investors should consider buying lower after further declines in the token.

Summary

DASH holds onto the $40 support. However, bearish momentum is on, and the cryptocurrency could break below. The price of DASH could settle next at $19, a 5-year low. Investors should wait to buy at lower prices.

The post DASH is about to relinquish another support with $19 in focus appeared first on CoinJournal.

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Should you buy Crypto.com token as price slides to support?

  • Crypto.com token CRO is bearish at a support zone.

  • CRO weakness is connected to the crypto market and slashed card rewards.

  • The cryptocurrency is almost 10 times below its all-time high.

Crypto.com’s token CRO/USD is barely worth $0.1. The price is a slap for a token that once traded almost at $1. At the current price, CRO trades at a support zone, and investors could be looking to add positions. But, should you buy it now?

We investigate the reasons why CRO has fallen substantially despite numerous sponsorship deals. The bearish crypto sentiment has, of course, been the main source of weakness. The weakness has been connected to actions by central banks to tighten policy. Yet again, on Wednesday, the US labor department reported an annual 9.1% jump in inflation. The increase was higher than estimates of 8.8%. CRO proceeded down after the inflation numbers, which stoked fears across all markets.

Another factor has been responsible for CRO declines in recent weeks. In early May, the crypto exchange announced a reduction of card rewards to customers. The move underlines similar actions taken by crypto firms to remain liquid in the current market. CRO crashed by double digits following the slashed rewards. The token is yet to recover as investors remain cautious. We believe with such developments, CRO is not a buy at the moment and could fall further.

CRO is close to the oversold bottom, but weakness is on

Source – TradingView

Technically, CRO is almost oversold, with an RSI reading of 35. However, the reading is insignificant considering the weak crypto fundamentals. From the daily chart, the cryptocurrency has remained below the 14-day and 21-day moving averages. At the current level, CRO is at a support zone, offering a potential bullish reversal. Nonetheless, the price is extremely bearish, and a further drop is imminent. 

Summary

Crypto.com token is under bear control as inflation numbers surpass estimates. The price sits at a support zone, but further declines are possible. We do not encourage a buy at the support.

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WhaleFin seals major kit deal with Spanish soccer giant Atletico Madrid

  • WhaleFin logo will be on Atletico Madrid’s game kits starting in the 2022/2023 season.
  • The crypto platform’s parent company is the club’s Official Global and Main partner and also Digital Lifestyle partner.
  • WhaleFin recently sealed a partnership with English soccer giants Chelsea.

WhaleFin, the flagship digital asset platform of Amber Group, is the official kit sponsor of Atletico Madrid after a landmark five-year deal signed earlier this week.

The crypto platform’s logo will be on the front of the Spanish soccer giant’s games kits, according to an official announcement on the Madrid-based club’s website.

Official global partner and digital gateway

Atletico Madrid confirmed Amber Group is now the club’s Official Global and Main Partner, with their partnership starting in the upcoming 2022/2023 season. Amber Group will be the club’s Official Digital Wealth and Digital Lifestyle Partner.

The collaboration will see the crypto company help the soccer giant advance its digital finance innovation, as well as boost fan experience via metaverse initiatives.

Importantly, Amber Group and its crypto platform will be the fans’ digital asset gateway, with “exclusive rights to establish the club’s virtual island dubbed “Atletiverse.” Per the two companies, the metaverse project will be powered by Amber Group’s Web3 platform Openverse.

WhaleFin and the Atletico Madrid Foundation will also collaborate on sustainability and conservation programmes.

The deal with Atletico Madrid adds to the one Amber Group has with Premier League club Chelsea, which will see the WhaleFin logo displayed on the London-based club’s shirt sleeves. 

Teams across European soccer have inked major deals with crypto firms, including Manchester United with blockchain platform Tezos and Manchester City with OKX.

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