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Bankrupt Celsius Receives Permission to Sell Mined Bitcoin, Claims Lenders Are Lining Up

Daily Market Wrap

  • Crypto market cap: 1.12 trillion, down 2.45%

  • BTC price stands at USD 23,439, down 2.31%

  • ETH price stands at USD 1,845, down 2.57%

  • Top gainer: Celsius (CEL), up 14.56%

  • Top loser: STEPN (GMT), down 11.29%

News of the Day

Why it matters:

  • Lawyers representing the bankrupt cryptocurrency lender Celsius Network announced that the company has receivedapproval from a U.S. judge to sell its mined Bitcoin (BTC)

  • Josh Sussberg, Celsius’ lawyer, claimed that multiple lenders are willing to provide debtor-in-possession financing, which would help the company navigate the bankruptcy process

  • Before approving the motion, Judge Martin Glenn expressed concern that the mining business was not profitable and Shara Cornell, the U.S. Trustee representing Department of Justice (DOJ) interests, objected to the motion, arguing that there was not enough clarity on the operation to approve it

Crypto Daily Spotlight

Brief introduction: The popular meme coin Dogecoin is based on the popular “doge” Internet meme featuring a Shiba Inu logo. Dogecoin was created on Twitter by an Australian named Jackson Palmer on November 27, 2013, where he first tweeted about investing in Dogecoin. In 2021, Elon Musk was a well-known Dogecoin supporter, having used Twitter to promote Dogecoin for several business purposes.

Why it matters:

  • $DOGE is up 11.6% today following retail interest in the Polygon Edge-based network Dogechain

  • Dogechain is an Ethereum-compatible smart contract network developed using the Polygon Edge framework, which allows users to convert $DOGE into $wDOGE (weighed $DOGE)

  • According to data from DEX Screener, Dogechain has seen $15 million in volume over the past 24 hours

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