After months of chaos and volatility, the crypto market may see a minor light at the end of the tunnel as the prices of the biggest tokens have surged in recent days.
Bitcoin is up almost 8% in the last three days of the work week and ether jumped 20%, Bloomberg wrote on Saturday (July 16). The report states that none of the tokens have established a new bear market low in almost a month.
In addition, Celsius Network released a presentation ahead of its bankruptcy court hearing on Monday, July 18, which outlined the company’s current situation and what the restructuring might look like.
The company, which has frozen withdrawals amid broader volatility, said it hopes its mining subsidiary can use the minted bitcoin to grow its balance sheet and fund its mining operations. It also plans to sell assets and “third-party investment opportunities”.
Meanwhile, bitcoin hit its highest level in more than a month early Monday, with the global crypto market now surpassing $1 trillion, according to a report from Seeking Alpha.
The report states that bitcoin climbed 3.2% and reached $22,000. Ethereum also jumped 8.9%.
Additionally, altcoins — which are smaller, lesser-known tokens — are doing better than larger coins like bitcoin, with risk appetite on the rise again, Bloomberg wrote on Monday.
For example, Polygon was up 25%, ApeCoin was up 19%, and Cardano was up 11%. Altcoins often outperform bitcoins during rallies, the report notes, but underperform when prices fall, in part because they are favored by more speculative traders, who tend to be less liquid.
In other crypto news, Coinbase shares rose 9% at the close as the crypto rallied.
As previously mentioned, both Ethereum and Bitcoin have been on the rise lately, with Ethereum accounting for around 30% of Coinbase’s trading volume and Bitcoin around 21% of it, CNBC wrote on Monday.
In other news, Tap Global, a crypto FinTech platform, announced on Monday that it has rolled out a new business-to-entrepreneur (B2E) product, seeking to help entrepreneurs integrate crypto into their business.
“As part of our long-term strategy, we are pleased to introduce a new product, B2E accounts for crypto entrepreneurs, digital nomads or freelancers who want the flexibility to accept, hold and exchange cryptocurrencies, but also to benefit from daily banking features and multi-currency support,” said Arsen Torosian, Chief Strategy Officer of Tap Global.
Finally, Celsius’ Chapter 11 bankruptcy will likely see retail customers bear the bulk of the failure, according to a court filing.
The company’s $1.2 billion hole in its balance sheet stems from its $5.5 billion in liabilities and just $4.3 billion in assets, most of which are illiquid.
According to a CoinDesk report, Daniel Gwen, a corporate restructuring partner at New York law firm Ropes & Gray, said there is now a stage for conflict between clients and “sophisticated institutional creditors.” .
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