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Crypto lending platform Celsius Network has hired restructuring lawyers from law firm Akin Gump Strauss Hauer & Feld LLP to provide a possible solution to its financial problems, according to sources familiar with the matter, The Wall Street Journal reported. Celsius is first seeking possible financing options from investors, but is also exploring other strategic options, including a financial restructuring. According to previous news, Celsius Network announced the suspension of all withdrawals, transactions and transfers due to extreme market volatility last week.
According to Forbes, Tesla and MicroStrategy’s BTC holdings data show that the two companies have lost nearly $1.5 billion in this bear market. Bitcoin is up 2.15% over the last 24 hours and rose to an intraday high of $22,780.00. The largest cryptocurrency dropped further to around $20,000 this morning due to the liquidity crisis of major hedge fund Three Arrows Capital, but the market rebounded alongside the traditional equity market during the evening as the FED raised the interest rate by 75 basis points, which met the market expectation. The market sentiment is weak as the ongoing liquidity crisis across the market is still not over yet, any unexpected event could trigger more panic selling.
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