The global market for digital assets experienced a significant rebound on Friday, following a steep decline the previous day.
The global market for digital assets experienced a significant rebound on Friday, following a steep decline the previous day. In response to the increasing selling pressure on the market, the defunct cryptocurrency lender Celsius Network has decided to sell all of its customers’ altcoins as part of its reorganization plan.
Will Celsius Perform A Rug Pull?
According to an announcement, Celsius Network will begin selling all altcoins on July 1, 2023, excluding custody and withhold account retention. It was stated that the transaction proceeds would be converted into Bitcoin (BTC) and Ethereum (ETH).
According to reports, Celsius network holds approximately $215 million worth of altcoins that may be sold beginning July 1. According to the list, the cryptocurrency lender possesses 6.6 million Celsius tokens (CEL) worth $70.5 million. At the time of writing, CEL is trading at an average price of $0.1054.
The second largest altcoin held by Celsuis was Polygon (MATIC). It possesses approximately $51.8 million in MATIC tokens. In the past week, the value of the token has decreased by more than 25%. At the time of writing, MATIC is trading at an average price of $0.57 with a market cap of approximately $5.3 billion.
Cardano (ADA) is indicated to be the next significant token that could face selling pressure. Details indicate that Celsius possesses 1.03 million ADA tokens worth approximately $26.2 million. Nonetheless, Cardano is declining after being labeled a security in a lawsuit filed by the US SEC.
Its price has decreased by over 17% in the past day. At press time, ADA is trading at an average price of $0.25 with a market cap of more than $9 billion.
