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This Event Might Be Result In Altcoin Sells!

Publish Date: 17 July 2023 13:16:10

Altcoin sells might be a beginning! Celsius Network was impacted by Terraform Labs’ downfall last summer. Due to liquidity problems, the platform also stopped withdrawal transactions. They declared bankruptcy about a month after the tragedy on June 12th. The SEC, the US Department of Justice, and several other legal organizations sued Celsius’s founder and CEO, Alex Mashinsky, last week. An arrest warrant has been issued against him. Movements were seen in a wallet belonging to Celsius today when on-chain data was analyzed. This event might result in altcoin sales!

High-Volume Altcoin Sells

On-chain data analysis company Lookonchain has released a statement addressing the situation. Celsius Network has begun transferring all of its altcoins to centralized exchanges as of today. Since centralized exchanges are places where cryptocurrencies are converted to fiat currency at the fastest and highest value, it is highly likely that these transfers are for the purpose of selling.

You might also interested: Sec Sued Celcius Network

 

Due to the SEC lawsuit and the implemented regulations, Celsius Network can only convert these altcoins into Bitcoin and Ethereum. This means that there may be high volatility in these two cryptocurrencies. Here are the 7 altcoins in Celsius wallets:

  • 1.27 million LINK (approximately $8.5 million)
  • 2.83 million SNX (roughly $7.84 million)
  • 12,597 BNB (approximately $3 million)
  • 4.45 million 1INCH (value: $2.26 million)
  • 8.53 million ZRX (about $1.9 million)
  • 449,000 FTT (around $713,000)
  • 186,149 BONE (almost $235,000)

Celsius Network made these sales because the court permitted the conversion of their altcoins into Bitcoin and Ethereum, resulting in the transfer of all tokens except BONE to the Binance exchange. In contrast, the BONE token was transferred to the OKX exchange.


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