Celsius Pays Off Over $120M On Its Bitcoin Backed Loan, Lowers Liquidation Price To $4,967 ⋆ ZyCrypto - BitcoinEthereumNews.com
Besieged crypto-centric firm Celsius has continued to repay loans owed to various lenders as it charts a way forward to recovery. Since it anounced that it was pausing all withdrawals, swaps, and transfers between accounts citing “चरम बाजार की स्थिति,” the firm has been forced to double down on its repayment figures to avoid being forcibly liquidated. The transactions which have been tracked to vault #25977 that is linked to Celsius show that the firm repaid a $50 million Bitcoin loan on Monday lowering its BTC liquidation price to $8,839 before paying another $64 million dropping the liquidation price further to $4.9k. Although the firm has paid up other loans, albeit, in smaller chunks, these are the largest single repayments done by the firm since June 13. Previously, the firm had moved $77 million (in stablecoins) into the wallet they use to pay down their debt positions days after sending 67,000 ETH to FTX. As of writing, Celsius vault now has 23,962 WBTC ($1.8B) collateral and an outstanding loan of $82 million. However, following the repayments, its collateralization ratio has risen by 577.81% which means less risk to its lenders. As ZyCrypto reported, Celsius has been working around a वसूली योजना since it