Crypto lending platform Celsius now won’t be liquidated unless the Bitcoin price drops well under the 2018 bear market bottom, to 2017 levels.
The Celsius liquidation price is now $2,722 which is 86% lower than the Bitcoin price today – holding stable just under $20,000. This positive news could help BTC continue to form a bottom and establish a new uptrend.
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Celsius Repays Debt, Reduces Position Size
Throughout July Celsius has been steadily repaying hundreds of millions of dollars worth of its debt in stable coin DAI to DeFi lending platform Maker, including a 34.43 million DAI payment in the early hours of July 6th.
Celsius’ position is now 1,080% collateralized and at low risk to be liquidated. 2,000 wBTC (wrapped Bitcoin) were also withdrawn by Celsius, reducing their position size almost 10% from 23,962 BTC to 21,962 BTC.
Bitcoin has not traded as low as $2,722 since July 2017.
2018 Bitcoin bear market
The December 2018 bear market bottom was around $3,100 and Bitcoin stayed above $3,700 during the March 2020 covid crash.
Bitcoin is currently green on the weekly chart, +2.9% on the week and is above the previous bull run top – currently trading at $19,845.
Celsius’ native token CEL also traded back as high as $1.05 yesterday, currently consolidating just above $0.91, up 700% from trading as low as $0.13 on Bybit exchange June 13th.
Sentiment is still mixed however on crypto Twitter, with some traders flipping bullish and others still expecting the June 18th $17,600 lows to be retested at some point.
Prominent crypto investor and market commentator Algod – @AlgodTrading – who predicted Terra (LUNA) would crash months prior to its collapse, is calling for Bitcoin to hit $12,000 and the S&P 500 to reach as low as 3,000.
Celsius is still yet to unfreeze customer funds and allow withdrawals, however their balances are still generating yield rewards.
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