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Celsius Files for Bankruptcy Protection, Revealing $1.2 Billion Deficit

Daily Market Wrap

  • Crypto market cap: 0.93 trillion, up 3.52%

  • BTC price stands at USD 20,682, up 2.22%

  • ETH price stands at USD 1,209, up 8.91%

  • Top gainer: Quant (QNT), up 21.61%

  • Top loser: TerraClassicUSD (USTC), down 7.42%

News of the Day

Why it matters:

  • Celsius has just paid its debt to decentralised finance protocols: $223 million to Maker, $235 million to Aave and $258 million to Compoud

  • Celsius is going to be the first crypto brokerage trying to navigate through reorganisation rather than a liquidation

  • Celsius’ CEO, Alex Mashinsky, suggested that Celsius’ recovery plan could involve using bitcoin generated from mining operations to address the deficit

Crypto Daily Spotlight

Brief introduction: OpenSea is the world’s largest open marketplace for NFTs. Similar to eBay, Etsy, and Amazon, it allows anyone to buy, sell and mint NFTs with a decentralized, peer-to-peer exchange. Because of this, users can transact with one another directly in a trustless manner.

Why it matters:

  • Terminated employees will receive 12 weeks of severance pay, 6 months of healthcare coverage and accelerated equity vesting if applicable

  • Ethereum NFT trading volume on OpenSea plummeted by 73%

  • Previously, OpenSea had generated over $1 billion in volume on its platform per months since August 2021, which averages to around $2.5 billion each month

  • In June, OpenSea generated just $695 million in revenue

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