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NewsBTC 2022-07-05 17:00:52

Celsius Beats Down Liquidation Price With $120 Million In Loan Repayments

Celsius has been at the center of most crypto controversies in the last month. The lending platform had had to pause withdrawals, transfers, and swaps on its platform, citing extreme market conditions as the reason, but that was only the beginning of its troubles. However, Celsius looks to be taking it on the chin because contrary to what others have done, the platform has made moves to pay down its debts and has now beaten down its liquidation price by more than 200%. Celsius Pays $120 Million In Loans The beginning of the week came with good news for the Celsius lending platform which had been able to put more money towards its loans. Previously, the company had added 7,000 BTC that had brought its liquidation price down to $16,582 but remained at risk given the volatile nature of bitcoin. That is why the company has continued to add to its position to beat down the liquidation price to save the platform. Related Reading | Mounting Support For Bitcoin At $19,000 As Market Ushers In A New Week Over the weekend, it was reported that Celsius had padded up its position once more, and in a series of repayments since July 1st, the lending platform has paid a cumulative $142.8 million. The latest of these payments had been the most prominent with the platform paying $64 million in DAI stablecoin towards its loans. This payment had come hours after another significant repayment of $50 million in DAI stablecoins. As it stands, C...

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