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In a move that has shocked the crypto community, Celsius Network, which is currently undergoing bankruptcy proceedings, has executed Significant $40 million worth of Ethereum (ETH) trades on Coinbase. This latest development comes as part of Celsius’ continued efforts to meet its financial obligations and settle with creditors despite holding large Ethereum reserves.
According to a recent tweet from Lookonchain, a prominent blockchain analytics company, Celsius Wallet deposited 18,000 ETH ($40 million) to Coinbase just 12 hours ago. This follows a consistent pattern of Ethereum deposits by Celsius, with a staggering total of 280,760 ETH ($621 million) deposited to various platforms including Coinbase, FalconX, and OKX since November 13th.
Celsius’ total Ethereum holdings currently stand at a staggering 540,029 ETH, which equates to a valuation of approximately $1.2 billion. Arkham Intelligence, another blockchain analytics provider, revealed that Celsius: engaged From January 8th to January 12th, Ethereum sales exceeded $125 million. These proceeds are part of a strategic plan to repay outstanding debt and meet the requirements of ongoing bankruptcy proceedings.
Ethereum price fluctuations
Ethereum’s current market price is $2,259, reflecting an increase of 1.42% over the past 24 hours. However, this coin has fallen by 11.33% in the past 7 days. ETH trading volume also decreased by 1.81% in the past 24 hours, totaling $14,257,423,116.
Market analysts and enthusiasts are closely monitoring how these important initiatives play out. ethereum trading Fluctuations in Celsius will affect overall market sentiment. The crypto community is already facing volatility, so Celsius’ move adds to the uncertainty.
The question on everyone’s mind is how Ethereum The price will react to such a large liquidation by one of the prominent players in the cryptocurrency space. As Celsius navigates the complexities of bankruptcy proceedings, all eyes will be on how these deals play out and whether they will have a broader impact on the Ethereum market and the crypto industry as a whole.