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How Celsius blew up the crypto bubble chart

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According to reports, Goldman Sachs, one of the world's largest financial organisations, has begun exploring the idea of purchasing assets from the crypto lending company Celsius Network, a company with deleveraging complications contributing to the crypto bubble chart as seen in the market of late. They are reportedly working on a $2 billion acquisition deal.

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Goldman Sachs's involvement in the Celsius acquisition

Goldman Sachs has begun an industry-wide interest aggregation by identifying interested investors and obtaining significant commitments from them.

According to a Goldman Sachs survey, insurers are exploring the idea of cryptocurrencies. According to the study, 6% of the three hundred and twenty-eight chief investment officers and chief financial officers had invested in or considered investing in cryptocurrency.

According to sources, Goldman Sachs had targeted investors in Web3 crypto funds that specialise in distressed assets and traditional financial institutions. Majority of Celsius assets would most likely be cryptocurrency managed by participating investors.

However, the CEO of a cryptocurrency trading platform remarked that unless Goldman Sachs explicitly states that they are purchasing Celsius, we should take the claims with a pinch of salt. It could simply be a PR stunt.

Before its problems, Celsius was one of the top crypto lenders, with roughly $12 billion in assets under administration and 1.7 million members.

Celsius CEO on the run after contributing to the crypto bubble chart

A well-known cryptocurrency investor and analyst recently tweeted that Celsius Network CEO Alex Mashinsky was on the run and attempted to flee the USA this week via Morristown Airport before being detained by police. Currently, it is unknown whether he was banned or arrested.

Celsius CEO Mashinsky was going to leave for Israel; while claiming that the monies were secure, Celsius Network halted consumer withdrawals. It was a significant contributor to the negative sentiment and herding behavior of mass selling resulting in the second of the two crypto bubbles we have seen. Mashinsky has remained silent since then, and there is no indication of when the customer monies will be returned.

As of 8:56 a.m. (BST), the Celsius crypto bubble chart price is $0.79, a change of -20.60 per cent in the previous 24 hours. The current price movement in Celsius has resulted in a market capitalisation of USD 547,793,645.88. Celsius has changed by -82.59 per cent so far this year. Bitcoin plummeted 14% on Monday after a prominent cryptocurrency lending firm in the United States, Celsius Network, halted withdrawals.

The Celsius crypto bubble chart price move spurred a sell-off in cryptocurrencies, with their value falling below $1 trillion for the first time since January 2020, raising concerns that the collapse may spread to other assets or firms.

For more crypto business news, visit us at Moni Talks.

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Author: Emmanuel Baiden

Author: Emmanuel Baiden

7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.

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