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Celsius Network Repays $120 Million Stablecoin Debt to Maker Protocol

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Today’s Cryptocurrency Headline

Crypto lending platform Celsius Network has repaid Maker a $120 million bitcoin loan over the past 24 hours. The repayment helped bring the liquidation price of its WBTC collateral down below $5,000, according to DeFiExplore.  Celsius’ obligations are complex and it maintains collateralized loans on multiple lending protocols. Celsius’ 15-address wallet currently has a combined $356 million in debt (excluding the Arbitrum network), and the company still owes $76.92 million to Maker, $100 million to Compound, and $178 million to Aave.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, Digital asset investment products saw inflows totalling US$64m last week, although the headline figures obscure the fact that a significant majority were into short-bitcoin investment products (US$51m). Bitcoin is up -2.06% over the past 24 hours and rose to an intraday high of $20,500.00. The largest cryptocurrency is facing strong resistance near $20,000, indicating the bears are selling on the relief rally.  The bulls are attempting to push the price back above $20,000. If they succeed, the BTC/USDT pair could rise toward the 20-day exponential moving average (EMA) (($21,150).

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