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
Celsius files for bankruptcy protection, revealing a deficit of $1.2 billion on its balance sheet.
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
OpenSea lays off 20% of its staff in preparation for a “prolonged downturn” in the crypto market.
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
Daily Sector Tracker
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Tony Hawk And The Sandbox Partner To Co-build The World’s Biggest Skatepark https://bit.ly/3P8GD55
U.S. SEC Delays Decision On ARK 21Shares s Bitcoin ETF Application https://bit.ly/3z3SzPY
Mastercard Partners With Fasset To Drive Financial Inclusion in Indonesia https://bit.ly/3yHmiNi
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