Cardano ($ADA) has experienced a significant drop in value following the US Securities and Exchange Commission (SEC) classification of certain digital assets as unregistered securities.
Following the recent regulatory changes, Celsius, a leading cryptocurrency lending company, has disclosed ongoing discussions with the SEC.
The company recently obtained approval in its bankruptcy proceedings to sell or convert its significant holdings in altcoins like $ADA to $BTC and $ETH, commencing as early as July 1.
Despite these developments, exciting new altcoins like $DLANCE, $ECOTERRA, and $CHMPZ exhibit promising potential, offering investors diverse opportunities in the dynamic crypto market.
Court Grants Celsius Permission to Convert Its Altcoins
Judge Martin Glenn has granted Celsius the right to take necessary actions to optimize the value of the altcoins in its possession.
As a result, investors who are owed debts by Celsius and hold altcoins can convert them into BTC and ETH starting from July 1.
CRYPTO BREAKING NEWS
Altcoin Holders Find Relief As Bankrupt Celsius Allows Conversion To BTC, ETH. Altcoin holders who are owed money by Celsius will be able to convert their altcoins into Bitcoin and Ether as of July 1, according to a recent ru… check us out @… pic.twitter.com/68CPN3qpsl
— InnovatekMobile (@Neome_com) July 1, 2023
Celsius, which filed for Chapter 11 bankruptcy protection in July 2022 due to its crushing debt of around $10 billion, temporarily halted withdrawals just before the bankruptcy filing.
The company engaged in discussions with the SEC to address the regulatory implications affecting its operations.
Consequently, these discussions have led to the approval of Celsius’ proposal.
According to court documents from December 2022, Celsius had control over various altcoins, including $MATIC, $ADA, $SOL, $LINK, $DOT, $LTC, and $AAVE.
However, the company’s current status with respect to these assets and the portion to be excluded from the sale remains unclear.
Nevertheless, with the approval of Judge Glenn, Celsius will soon commence reducing its altcoin holdings in favor of $BTC and $ETH.
These digital assets will then be distributed to creditors patiently waiting for almost a year to recover their funds.
However, during the ongoing bankruptcy proceedings, the company experienced a notable development.
Fahrenheit, a crypto consortium, emerged as the successful bidder tasked with overseeing the newly established entity owned by Celsius creditors.
Last night, @CelsiusNetwork announced that the Company in consultation with @CelsiusUcc, has selected a proposal from @FahrenheitHldg as the winning bid in the Court-approved auction. You can read the official press release here https://t.co/BSThHAvUce.
— Celsius (@CelsiusNetwork) May 25, 2023
Under this new ownership structure, Celsius will embark on a new trajectory guided by a revised bankruptcy plan.
While specific details of the plan are yet to be disclosed, it has been confirmed that the distribution of assets will exclusively occur in $BTC and $ETH.
$ADA’s Recovery Potential Post-SEC Dispute: Possibility Remains Uncertain
Despite recent regulatory actions impacting crypto assets, the broader crypto market has shown signs of recovery, with a 1.10% increase in the past 24 hours.
At press time, the price of $ADA stands at $0.29, reflecting a surge of 2.40% within the last 24 hours.
Over the past week, the token has seen a value increase of 0.99% and a positive year-to-date (YTD) value of 19.98%.
However, $ADA experienced a slump of 22.03% in the last three months, accompanied by a 60.81% drop in its 24-hour trading volume, which currently stands at $3 million.
These figures show the recent decline in value as the asset attempts to recover and align with the current bullish market trend.
$ADA’s current price trails below its 50-day simple moving average (SMA) of $0.33 for the short term and its 200-day SMA of $0.47 for the long term.
As a result, it is expected that the price will remain within the range of the current price and the 50-day SMA, leading to potential fluctuations in the near term.
Based on technical analysis, $ADA is pushing towards the 38.2% Fibonacci retracement level of $0.30.
A steady bullish trend could see the asset hit the 38.2% FIB level quickly and go on to break through to higher price levels.
Its relative strength index (RSI) is 50.01, indicating it is underbought. On the other hand, the moving average convergence divergence (MACD) reflects a buy signal.
In light of recent regulatory developments, Cardano’s founder, Charles Hoskinson, has raised significant concerns about the implications of these actions, particularly in relation to “Operation Choke Point 2.0.”
Why we fight https://t.co/X96h0Whter
— Charles Hoskinson (@IOHK_Charles) June 5, 2023
This campaign seeks to exclude cryptocurrency businesses from the financial system, thereby centralizing control and contradicting the decentralized nature of cryptocurrencies.
Hoskinson believes that this issue extends beyond regulatory compliance. It represents a fundamental philosophical disagreement about the existence of cryptocurrencies and their potential impact on financial freedom and self-sovereign identity.
He calls upon the crypto industry to unite against this attack, cautioning that it could lead the United States towards a dystopian future where financial control is concentrated in the hands of a few.
Despite the uncertainties surrounding the lawsuit’s outcome and its long-term effects on Cardano and other cryptocurrencies, Hoskinson remains optimistic about the future of the crypto industry.
He reassures investors that they will persevere and that the future looks promising for the entire sector.
Thriving Altcoins to Consider
Despite the concerns raised by the recent SEC clampdown, projects such as Deelance, Ecoterra, and Chimpzee showcase promising features and innovative approaches.
DeeLance Emerges to Revolutionize the Freelance Industry
DeeLance is a blockchain-powered freelancing platform that aims to connect recruiters and freelancers seamlessly.
Unlike traditional hiring and freelance platforms, which have faced criticism for their high fees and lack of transparency, DeeLance embraces innovation and adopts new technologies.
By leveraging blockchain technology, the platform simplifies the process of finding the right talent, reduces risks, and enhances efficiency.
Exciting news DeeLancers!
Our presale has reached a significant milestone, raising over $1.46M and counting!
With 1 $DLANCE currently valued at $0.043, secure your tokens now before the next price increase to $0.048 in just 12 days.
Don't miss out on this opportunity… pic.twitter.com/Nl7udssYED
— DeeLance (@deelance_com) July 3, 2023
DeeLance operates on principles of simplicity, transparency, efficiency, and ownership. It ensures lower fees, faster payments, and a secure escrow account system to safeguard funds.
At its core, this crypto project encompasses a non-fungible token (NFT) marketplace, a metaverse world, and a decentralized recruitment platform.
These elements form the foundation of DeeLance’s ambition to become the pioneering Web3 platform for employers and freelancers.
Within the ecosystem, its $DLANCE token plays a vital role. The digital asset is used for acquiring NFTs, purchasing land and offices, and transacting for goods and services.
Are you ready to thrive in the DeeLance ecosystem?
Our presale grants you access to the dynamic Metaverse, vibrant NFT marketplace, talented freelancers, and exciting job opportunities.
— DeeLance (@deelance_com) July 2, 2023
The crypto token is currently on presale and has surpassed $1.46 million. At press time, $DLANCE is selling for $0.043 in its presale stage 5.
Stage six marks the final presale phase for $DLANCE as it moves closer to its funding goal of $1.7 million.
Once this goal is reached, the presale will conclude, paving the way for the token’s debut on public exchanges for $0.057.
Ecoterra Brings Environmental Sustainability to Everyone
Ecoterra is an eco-friendly initiative that incentivizes individuals and businesses to actively participate in recycling activities.
The project has developed a comprehensive ecosystem encompassing a marketplace for carbon offsetting, recycled materials, and an effective environmental impact monitoring system.
The ecoterra project aims to motivate members through its Recycle-to-Earn (R2E) initiative.
Ready to join the green revolution? ✨
Don't miss out on ecoterra's #Presale, where you can be part of a sustainable future powered by #Blockchain #Technology https://t.co/1fYkPOsPYG#Web3 #DeFi #R2E #RecycleToEarn #Crypto #Exchange #Decentralised pic.twitter.com/2Tkjmttg9j
— ecoterra (@ecoterraio) July 1, 2023
This innovative approach offers financial rewards for recycling. It encourages users to utilize their tokens for impactful ecological initiatives such as beach cleanups, tree planting, and global green energy projects.
The platform is designed to cater to many users, including individuals, small businesses, large corporations, industries, governments, and non-governmental organizations (NGOs).
— ecoterra (@ecoterraio) July 2, 2023
Ecoterra aims to collectively address the challenges of climate change and create a positive environmental impact by bringing consumers, companies, and investors together.
Its $ECOTERRA token is currently in its last presale stage. The crypto asset has achieved an impressive milestone, surpassing $5.78 million.
At press time, $ECOTERRA is selling for $0.01. Investors who acquire the token now using ETH, USDT, or a credit/debit card will receive a 10% bonus.
Earn Income and Fight Climate Change With Chimpzee
Chimpzee is an innovative Web3 project that integrates charity, passive income, and the mission of addressing animal conservation and climate change challenges.
This eco-friendly project aims to safeguard the Earth’s natural environment, raise public awareness, and revolutionize how people contribute to charitable organizations.
The Chimpzee ecosystem is a unique network of interconnected Web3 platforms that enable users to generate passive income.
These platforms include a shop-to-earn (S2E) store, trade-to-earn (T2E) NFT marketplace, and play-to-earn (P2E) Zero Tolerance Game.
The shop-to-earn feature allows members to purchase customized merchandise and products from the Chimpzee online store and earn $CHMPZ coins as rewards.
A portion of the store’s profit is allocated to industries that share the project’s environmental conservation goals.
The trade-to-earn integration allows users to trade NFTs on the platform marketplace, creating a unique profit-sharing system.
While prioritizing eco-friendly projects and assets, members can leverage the booming NFT industry and generate significant rewards.
The play-to-earn game features the viral “Zero Tolerance Game” powered by Chimpzee. Members can participate in combating wildlife destruction and earn $CHMPZ token as a reward.
$CHMPZ serves as the financial unit within the Chimpzee ecosystem and can be acquired through the presale or earned through the shop-to-earn, trade-to-earn, or play-to-earn features.
Calling the #Chimpzee community!
What are your thoughts on #PEPE2? Share your opinions with us
Don't forget to join the Chimpzee #Presale and be part of our mission to save the environment
Together, we can make a difference!
— Official Chimpzee Project (@RealChimpzee) July 3, 2023
Furthermore, users can purchase Chimpzee NFT passports using $CHMPZ, enhancing their benefits and rewards from utilizing the platform.
The digital asset has raised over $673,000 in its ongoing presale.
At press time, the $CHMPZ token is available for purchase at $0.00067 in presale stage 6. However, the price is expected to increase to $0.0007 in the next four days as it enters stage 7.
Once the presale stages conclude, $CHMPZ will be listed on exchanges for $0.00185.
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