Ethereum

Token

Celsius

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/celsius-network-announces-ethereum-token-recall-plan/" data-wpel-link="internal">Celsius Network Announces Ethereum Token Recall Plan</a><br></p>
<div class="knewsbitcoin" style="text-align: justify">
 The bankrupt cryptocurrency lending firm Celsius Network (CEL) announced plans to recall <strong>Ethereum (ETH)</strong> tokens as part of its ongoing restructuring process.
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<h2 style="text-align: justify" id="latest-on-ftx">Latest on FTX</h2> 
<p style="text-align: justify">Since filing for Chapter 11 in July 2022, the embattled crypto lending provider has started a token recall and rebalancing process to ensure sufficient liquidity to meet its obligations during bankruptcy proceedings. Celsius added that the unlocking event is expected to take place in the coming days. It was also noted that eligible creditors will receive in-kind <strong><a href="https://en.coin-turk.com/bitcoin-no-longer-a-passing-fancy-asserts-grayscale-ceo-michael-sonnenshein/" data-wpel-link="internal">Bitcoin</a> (BTC)</strong> and ETH distributions according to the approved restructuring plan.</p> 
<p style="text-align: justify">According to Nansen’s data, 32% of the ETH tokens awaiting withdrawal are currently linked to Celsius. This corresponds to approximately 206,300 ETH, valued at about $468.5 million based on the current price of the leading <strong>altcoin</strong>. The presence of such a large amount of tokens ready to be released has led some to believe it could exert downward pressure on the price of ETH, while others think that the completion of <strong>Celsius’s</strong> restructuring efforts could benefit the ETH market.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" src="https://coin-turk.com/wp-content/uploads/2024/01/IMG_7885.png" alt="" width="939" height="299"></p> 
<h2 id="ethereum-price-analysis">Ethereum Price Analysis</h2> 
<p style="text-align: justify">At the time of writing, ETH is trading at $2,250. According to CoinMarketCap, the altcoin witnessed a 5% decrease in value last week. The cryptocurrency’s momentum indicators on the 24-hour chart have been showing a downtrend since the beginning of the year, indicating a decline in buying momentum. At the time of writing, ETH’s relative strength index (RSI) was 48.82, and the <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">money</a> flow index (MFI) was 54.74.</p> 
<p style="text-align: justify">The Chaikin money flow (CMF) detected below the zero line confirms that investors are increasingly withdrawing liquidity from ETH markets. Fears that the SEC would generally reject Bitcoin ETFs could be causing this capital withdrawal. There is a significant positive correlation between BTC and ETH. Therefore, a possible rejection could lead to a fall in BTC prices, which in turn might cause a pullback in ETH prices. The cryptocurrency’s negative direction index was above the positive direction index at the time of writing, which could have indicated that the selling pressure exceeded the crypto accumulation. In line with the decrease in demand, these lines have been positioned this way since January 3rd.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/celsius-network-announces-ethereum-token-recall-plan/" data-wpel-link="internal">Celsius Network Announces Ethereum Token Recall Plan</a></h5>

Celsius Network Announces Ethereum Token Recall Plan

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