{"id":542947,"date":"2023-07-17T13:30:57","date_gmt":"2023-07-17T13:30:57","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=542947"},"modified":"2023-07-17T11:43:58","modified_gmt":"2023-07-17T11:43:58","slug":"celsius-is-selling-more-pain-for-bnb-link-and-snx","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/celsius-is-selling-more-pain-for-bnb-link-and-snx\/","title":{"rendered":"Celsius Is Selling, More Pain For BNB, LINK, And SNX?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Celsius, the bankrupt crypto lender, has started selling its non-Bitcoin and non-Ethereum crypto assets, records on July 17 indicate. According to on-chain data from Lookonchain, Celsius has transferred approximately $23.5 million of various cryptocurrencies, including BNB, ZRX, LINK, BONE, and SNX, to FalconX and OKX, respectively. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Different amounts of these tokens were transferred by Celsius, a move that, while it could be positive for creditors, may impact the token valuations of those projects.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Celsius Selling Altcoins\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Lookonchain\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/42340357?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">revealed<\/span><\/a><span data-preserver-spaces=\"true\"> that Celsius moved $8.5 million worth of LINK, the native currency of Chainlink, a middleware protocol linking on-chain smart contracts to external but verified data. At the same time, it also moved $7.84 million worth of SNX, the native token of Synthetix, a protocol allowing users to trade derivatives called synths, was transferred. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Celsius also went on to move $3 million worth of BNB, the coin behind the sprawling Binance ecosystem, $2.26 million worth of 1INCH, the token aggregator, and $1.9 million worth of ZRX, the token behind one of the first decentralized finance platforms, Ox Protocol. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The bankrupt lender also moved $709,678 worth of FTT, the token behind the collapsed FTX exchange, to FalconX. In response, FalconX has <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/01292033\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">started<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0depositing these tokens to Binance for selling.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/520000-bitcoin-accumulated-at-30000-btc-bull-run\/\" target=\"_blank\" rel=\"noopener \">$18 Billion Worth Of Bitcoin Accumulated At $30,200 \u2013 BTC Bull Run Incoming?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The only token moved to a different exchange was BONE, where Celsius moved $235,000 of the meme token to the popular cryptocurrency exchange, OKX. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While OKX caters to retail and institutional investors, FalconX serves institutional investors, offering diverse services, including liquidity provision and risk management. So far, a large tranche of tokens held by Celsius has moved through FalconX.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In late June, Judge Martin Glenn of the Southern District of New York\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cases.stretto.com\/public\/x191\/11749\/PLEADINGS\/80000000027.pdf\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">allowed<\/span><\/a><span data-preserver-spaces=\"true\"> Celsius to start converting all their tokens to either Bitcoin or Ethereum, the two currencies that would be allowed to pay back creditors. All conversions were set to begin on July 1.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Altcoins Taking A Hit<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The transfer also comes amid a favorable ruling that saw a US Judge say XRP, one of the major altcoins, is not a security and can be traded like a commodity, just like Bitcoin. However, even though news pumped altcoins, mostly XRP, momentum tapered during the weekend, and most altcoins fell back from last week&#8217;s highs.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/xrp-whales-ride-the-crypto-surge-as-ripple-token-notches-62-price-spike\/\" target=\"_blank\" rel=\"noopener \">XRP Whales Ride The Crypto Surge, As Ripple Token Notches 62% Price Spike<\/a><\/p>\n<p><span data-preserver-spaces=\"true\">Among the impacted tokens included BNB, the native currency behind Binance, the world&#8217;s largest ecosystem. The coin currently oscillates within a $30 range as bears dominate price action. From the daily chart, BNB has resistance at $260 and is down over 30% from April 2023 highs.\u00a0<\/span><\/p>\n<p>LINK and SNX are seeing similar price actions, both recording losses on the 24-hour chart. LINK is down 2.97% to be trading at $6.63, while SNX is nursing 3.94% losses, bringing its price to $2.64.<\/p>\n<figure style=\"width: 1226px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/DdcSOCjJ\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/DdcSOCjJ\/\" alt=\"BNB price on July 17| Source: BNBUSDT on Binance, TradingView\" width=\"1226\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">BNB price on July 17| Source: <a href=\"https:\/\/www.tradingview.com\/x\/DdcSOCjJ\/\" target=\"_blank\" rel=\"noopener nofollow\">BNBUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Celsius, the bankrupt crypto lender, has started selling its non-Bitcoin and non-Ethereum crypto assets, records on July 17 indicate. According to on-chain data from Lookonchain, Celsius has transferred approximately $23.5 million of various cryptocurrencies, including BNB, ZRX, LINK, BONE, and SNX, to FalconX and OKX, respectively. Different amounts of these tokens were transferred by Celsius, a move that, while it could be positive for creditors, may impact the token valuations of those projects. Celsius Selling Altcoins\u00a0 Lookonchain\u00a0revealed that Celsius moved $8.5 million worth of LINK, the native currency of Chainlink, a middleware protocol linking on-chain smart contracts to external but verified data. At the same time, it also moved $7.84 million worth of SNX, the native token of Synthetix, a protocol allowing users to trade derivatives called synths, was transferred. Celsius also went on to move $3 million worth of BNB, the coin behind the sprawling Binance ecosystem, $2.26 million worth of 1INCH, the token aggregator, and $1.9 million worth of ZRX, the token behind one of the first decentralized finance platforms, Ox Protocol. The bankrupt lender also moved $709,678 worth of FTT, the token behind the collapsed FTX exchange, to FalconX. In response, FalconX has started\u00a0depositing these tokens to Binance for selling. Related Reading: $18 Billion Worth Of Bitcoin Accumulated At $30,200 \u2013 BTC Bull Run Incoming? The only token moved to a different exchange was BONE, where Celsius moved $235,000 of the meme token to the popular cryptocurrency exchange, OKX. While OKX caters to retail and institutional investors, FalconX serves institutional investors, offering diverse services, including liquidity provision and risk management. So far, a large tranche of tokens held by Celsius has moved through FalconX. In late June, Judge Martin Glenn of the Southern District of New York\u00a0allowed Celsius to start converting all their tokens to either Bitcoin or Ethereum, the two currencies that would be allowed to pay back creditors. All conversions were set to begin on July 1. Altcoins Taking A Hit The transfer also comes amid a favorable ruling that saw a US Judge say XRP, one of the major altcoins, is not a security and can be traded like a commodity, just like Bitcoin. However, even though news pumped altcoins, mostly XRP, momentum tapered during the weekend, and most altcoins fell back from last week&#8217;s highs. Related Reading: XRP Whales Ride The Crypto Surge, As Ripple Token Notches 62% Price Spike Among the impacted tokens included BNB, the native currency behind Binance, the world&#8217;s largest ecosystem. The coin currently oscillates within a $30 range as bears dominate price action. From the daily chart, BNB has resistance at $260 and is down over 30% from April 2023 highs.\u00a0 LINK and SNX are seeing similar price actions, both recording losses on the 24-hour chart. LINK is down 2.97% to be trading at $6.63, while SNX is nursing 3.94% losses, bringing its price to $2.64. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":542948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11427,86713,83722,1946,88640,87394,86404,12893],"class_list":["post-542947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bnb","tag-bone","tag-celsius","tag-ethereum","tag-falconx","tag-ftt","tag-okx","tag-zrx"],"acf":[],"yoast_head":"\n<title>Celsius Is Selling, More Pain For BNB, LINK, And SNX?<\/title>\n<meta name=\"description\" content=\"Celsius, the bankrupt crypto lender, has started selling its non-Bitcoin and non-Ethereum crypto assets, records on July 16 indicate\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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