Less Anxiety as Celcius Paid $114 Million of its Bitcoin-backed Loan in 24 hours 

July 5, 2022

Reading Time: 2 minutes

The crypto lending platform users have finally felt some relief as per the announcement by Celcius Network that it has paid a total amount of $114 Million of its Bitcoin loan in the past 24 hours, lowering its liquidation price to $4,967.

This however means that Bitcoin price has to fall below $4,967 before Celcius would be liquidated.

On July 2, Celcius lowered its liquidation price to $12,234, yesterday, it paid $50 million to lower its liquidation price to $8,840, 3 hours later, another $64 million was paid, amounting to $114 million payment in 24 hours, the recent move by Celcius regarding its loan shows that the Network is on the journey to repay its remaining debt. The WBTC-A vault 25977, owned by Celsius, is now ranked as low risk.

It’s been more than three weeks since the major US cryptocurrency lending platform Celcius Network announced that it is freezing all forms of transactions on its platform, citing “extreme market conditions,” sending fears across the cryptosphere.

Till now, it is unknown to investors when Celcius will resume services, but Celcius’s continuous ability to pay its debt is a huge relief and a positive response to investors.

Celcius native token CEL has been up with some percentage in the past few days, all thanks to Celsians(Celcius community supporters) who have been continuously supporting the token.

With this move, it is seeming that the doused Celcius’s reputation is currently redeeming as the move will let more investors trust the firm.

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