Celsius customers begin withdrawing funds eight months after bankruptcy filing

  • Funds withdrawals by Celsius custody account holders started on March 2.
  • The withdrawals are opening about 8 months after the crypto lender filed for bankruptcy in June last year.
  • The withdrawals were reopened for “Distributable assets in certain Custody Accounts.”

Eight months after filing for Chapter 11 bankruptcy in the US, bankrupt crypto lender Celsius Network has finally allowed custody account holders to start withdrawing some of their assets. This comes a month after Celsius published a list of customers eligible for withdrawals.

It all started at the beginning of December 2022 after Celsius was ordered by a US Bankruptcy Judge to return cryptocurrencies worth about $44 million to its custody program customers. This was followed by another ruling that allowed Celsius to auction some of its assets including the Celsius retail platform and mining business.

Towards the end of January 2023, Celsius received another approval from the US bankruptcy court allowing it to return funds transferred to the platform after the company filed for Chapter 11 bankruptcy in July 2022. At the same time, the crypto lender also got approval to go ahead with its planned Flare token airdrop to eligible holders of Ripple (XRP) on the platform.

Withdrawals started on March 2

Celsius on March 2 shared a tweet stating that it was reopening withdrawals for “Distributable Assets in certain Custody Accounts.”

The crypto lender then went ahead to add that “Eligible Users are being notified of the steps needed to facilitate their withdrawals”

Since the withdrawals started, overjoyed customers have been sharing their withdrawal stories on Twitter and Reddit seeing that the withdrawals resumed 263 days after the company filed for bankruptcy.

As previously stated by Celsius, eligible customers are only allowed to withdraw 94% of their funds with the fate of the remaining 6% depending on the outcome of the ongoing court hearings.

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Crypto price predictions: EOS, Immutable X, QuickSwap

Cryptocurrency prices plunged this week after Silvergate Capital postponed its annual report, pushing its stock price down by over 60%. Bitcoin plunged to $22,000 while Ethereum price retreated to about $1,565. Litecoin plunged to $88. In this article, we will look at the forecast of some of the top cryptocurrencies like EOS, IMX, and QuickSwap.

EOS price prediction

EOS was one of the best-performing blue-chip cryptocurrencies during the week. Its price jumped to a high of $1.3032, the highest level since September last year. On the daily chart, the coin moved above the important resistance point at $1.1586, the highest point on January 30th. It has also risen above the ascending trendline shown in red. 

EOS has also risen above the 25-day and 50-day moving averages. It has formed a small double-top pattern whose neckline is at $1.05. Therefore, there is a likelihood that the price will retreat sharply if there are not enough bulls to push it above the double-top level of $1.300. 

If this happens, EOS crypto price will drop and retest the key support at $1, which is about 20% below the current level. A move above the important resistance point at $1.30 will invalidate the bearish view.

EOS chart by TradingView

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy EOS with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy EOS with Binance today

Immutable X price prediction

IMX price had a strong week, helped by the upcoming Illuvium NFT collection launch. It was trading at $1.03, which was slightly above the important support level at $0.8960. On the daily chart, Immutable X has formed a cup and handle pattern, which is usually a bullish sign. 

It has also moved above the 25-day and 50-day moving averages while the MACD has formed a bearish divergence pattern. Therefore, the Immutable X price will likely have a bullish breakout as long as it is above the important support at $0.8367. A bigger bullish breakout will be confirmed if the price moves above the resistance at $1.3200.

IMX chart by TradingView

QuickSwap price prediction

QuickSwap is a decentralized exchange (DEX) that has over $161 million in assets. It handles over $40 million in daily volume, with the most active assets being Wrapped Ether. It is one of the biggest players in the Polygon ecosystem. 

On the daily chart, we see that QUICK price staged a strong recovery and reached a high of $137.08, the highest point since July last year. It has formed a bullish flag pattern and moved above the 25-day and 50-day moving averages. The MACD has formed a bearish crossover pattern. Therefore, the coin will likely have a bullish breakout in the coming days.

QUICK chart by TradingView

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Sweat Economy’s SWEAT token and Web3 wallet app set to launch in the US this year

  • Sweat Economy is a web3 project that seeks to unlock the economic value of movement.
  • Its Web2 Sweatcoin app has been available in the US market since 2016.
  • It is set to re-launch its SWEAT token and Sweat Wallet after a previous launch was frozen.

Sweat Economy, a Web3 project seeking to unlock the economic value of movement, is planning to re-launch its Sweat Wallet application and its native token, SWEAT, in the United States later this year.

The launch is scheduled to coincide with the first anniversary of the venture’s global launch on September 12.

The Sweat Wallet

Sweat Economy operates a Web2 application called Sweatcoin app which has been available in the US market since 2016. The app rewards millions of US users with loyalty points called ‘Sweatcoins’ for the steps they make when walking.

Last year in September, Sweat Economy launched its native token called SWEAT alongside its Web3 wallet application called Sweat Wallet but it failed to pass the regulatory barriers in the US. The wallet, which currently operates in other parts of the world, has been consistently ranked top 10 Blockchain Dapps on DappRadar their Token Generation Event (TGE) in September 2022.

The US customers were however locked out of the original Token Generation Event (TGE) making them unable to receive their $SWEAT allocations or start generating new $SWEAT tokens by walking.

Distributing SWEAT tokens to US users

But that is set to change starting September 12, 2023, when US residents will be able to install the Sweat wallet application. Starting on that date, US Sweatcoin app users will receive their allocations of SWEAT in proportion to their current ‘Sweatcoin’ holdings and can start earning more SWEAT tokens for their steps right away.

Explaining the US SWEAT tokens distribution, the team emphasized that tokens will not come from additional token emissions but from existing token allocations.

Commenting on the new development, the Founder of Sweat Economy Oleg Fomenko said:

“It is a great pleasure to finally bring Sweat Wallet to the US market. Since last year, we have been inundated by requests from our US users, who have been desperate to…  literally… walk into crypto. Although we wish we could have made this announcement last year – better late than never! It’s wonderful to announce the good news to our millions of US-based users now.”

In addition to earning SWEAT tokens for walking, users will also be able to access a crypto trading facility, learn and earn, and play the Sweat Hero NFT game, all from the Sweat Wallet app.

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Experts Optimistic About Metacade and EOS Price Predictions for 2023-2030

Crypto market investors are looking to put a rough 2022 behind them. With the first signs that the bear market might be easing, investment circles have been turning their attention to the process of identifying the next big thing to maximize their crypto returns this year and over the longer term.

While EOS has seen a significant fall since the highs of 2018, there are some who believe the project might now be in a position to climb back up the charts, and more than one EOS price prediction is reflecting this shift in sentiment.

A new and disruptive GameFi project, though, is really generating buzz across the investment world currently. Metacade is stealing the investment limelight, as those looking for profits jump into a red-hot presale in the hopes of securing their seat on the exciting ride awaiting its holders.

Metacade could lead the market revival as Presale Nears Sell Out

Metacade initially excited investors, thanks to its landmark whitepaper released in 2022. It defines a plan that could realistically see Metacade at the heart of the GameFi movement, one which many analysts are predicting to see explosive growth over the coming years.

This excitement has led to a massive crush on the project’s presale, with an astonishing $8.3m raised in just 14 weeks. Since then, the pace of interest has continued virtually unabated, as the total amount continues to increase, with the presale now in stage 5.

What is Metacade?

Metacade is a project of epic proportions, having laid out compelling plans to revolutionize gaming and transform the space. By creating a virtual P2E arcade, it’s aiming to set up a one-stop gaming destination for gamers to make the most out of their favorite hobby, with opportunities to earn an income in the process.

By building the largest play-to-earn (P2E) arcade on the planet, Metacade is putting the pieces in place to enable it to dominate the GameFi market for years to come. A strong community focus combined with lucrative rewards to help entice further growth, the platform looks well-placed to expand rapidly over 2023 and beyond.

How Metacade Works

Metacade is fueled by the MCADE token, which functions as the ecosystem’s currency. It is used across an extensive rewards system, which allows gamers to earn for playing games of all varieties. This means that regardless of whether gamers prefer solo campaigns, playing socially with friends, or trying their hand at beating the best the community has to offer in competitive tournaments, Metacade has them covered.

The MCADE token also supports staking, meaning that investors are heavily incentivized to hold for the long term. With a supply of just 2 billion and staking rewards paid out in stablecoins to avoid inflating the circulating supply, holders of the token have clearly been carefully considered when designing how the token functions across the platform. 

Can EOS reclaim its 2017 highs?

EOS has faced a painful few years, and while the project was once one of the darlings of the crypto market news, it has since lost the vast majority of the momentum it once had. With issues relating to banned addresses and ICO fraud settlements with the SEC, the project has destroyed much of its appeal, reflected in most EOS price predictions for a while now.

Some experts are now saying that they believe this is the perfect time for EOS to begin a slow climb back up to its previous highs, and if the project can start to regain some momentum, it could well see the price reflect an increased level of optimism.

Metacade Price Prediction

While the EOS price prediction is conservative, Metacade’s is anything but. As the project has releases planned for later in 2023, we can expect user growth to place a large amount of demand on the MCADE token. Based on the high appeal of the project, it is expected to drive the price of MCADE up by around 50x, all the way to $1 following its general release.

With user growth likely to continue for many years to come, a $7 MCADE in 2025, increasing to $15 by the end of 2030, seems like the minimum that most investors are expecting from the project. 

EOS Price Prediction

If the bottom is in for EOS, it certainly makes for a more positive EOS price prediction than it has seen in a while. Should the project be able to capture some of the enterprise use cases arriving on the market, 2023 could see the EOS token price rise to $2 as renewed interest hits.

If it can build on that momentum, we could see the EOS price continue to increase, reaching $4 by 2025 and perhaps even a lofty $10 by 2030.

Metacade appears to be a superior investment choice overall

While EOS may have some more positive times ahead of it than it has seen in the past, the returns are still very modest compared to the high potential for big gains represented by the Metacade project.

With a limited amount of MCADE available in the presale and ever-increasing exposure as its stages continue to sell out, it’s clear that the window for this potentially life-changing investment is sure to close in no time at all.

You can participate in the Metacade presale here.

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Silvergate stock crashed 50% on Thursday: here’s why

  • Silvergate Capital delayed submission of its annual 10-K report.
  • JPMorgan downgraded Silvergate stock to underweight today.
  • Silvergate Capital is now down 65% versus its year-to-date high.

Silvergate Capital Corp (NYSE: SI) was cut nearly in half this morning after it delayed the submission of its annual 10-K report.

What Silvergate said in its SEC filing

The crypto bank is facing an existential crisis following the FTX fiasco in early November. On Tuesday, Silvergate Capital said in a filing with the U.S. Securities and Exchange Commission (SEC):

The Company is evaluating its ability to continue as a going concern [and] is in the process of reevaluating its businesses and strategies in light of the business and regulatory challenges it currently faces.

The lender also confirmed that it had to offload more assets than expected over the past two months, which could weigh on its capital ratio. Silvergate stock is now down about 65% versus its year-to-date high.

Silvergate stock gets multiple downgrades

Also on Thursday, JPMorgan analyst Steven Alexopoulos downgraded the financial services company to “underweight” citing continued liquidity challenges.

In the backdrop of challenged environment, short-sellers appear to have contributed to a bank-run of sorts with Silvergate reporting a much greater level of deposit outflows than anticipated in Q4 and this likely continuing.

In its latest reported quarter, Silvergate Capital had $1.0 billion of loss.

Coinbase also announced today that it had stopped payments to or from the crypto bank. Analysts at Canaccord Genuity also downgraded Silvergate stock on Thursday and trimmed their price target o $9.0 a share.

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