Celsius Has Paid Off All of Its Debt to DeFi Lending Protocols

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Today’s Cryptocurrency Headline

Celsius Network has paid off all of its debts to DeFi lending protocols. On Wednesday, the firm repaid nearly $50 million of its debt to Compound’s lending protocol across two transactions, thereby removing the last chunk of its remaining on-chain debt. Since June 10, the company has repaid an estimated more than $800 million in debt on Aave, MakerDAO and Compound, according to on-chain records from Celsius-linked wallets. In addition, Celsius Network is moving toward filing for Chapter 11 bankruptcy, CNBC reported late Wednesday.

BingX’s Bitcoin Chart

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The U.S Bureau of Labor Statistics announced that the consumer price index (CPI) jumped 9.1% in June -the largest increase in more than four decades. Bitcoin is up 3.62% over the last 24 hours and rose to an intraday high of $20,417.17. The largest cryptocurrency has experienced large volatility today, it fell to an intraday low of $18,900.00 after the CPI announcement, and it recovered back above the $20,000 level alongside the traditional equity market later. As the global macroeconomics is getting worse and the FED is highly likely to increase the interest rate by 100 basis points on July 27, investors should be preparing for the upcoming volatility.

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