Celsius, a bankrupt cryptocurrency lender, has begun selling its non-bitcoin and non-ethereum crypto assets, according to records on July 17. According to on-chain data from Lookonchain, Celsius has transferred approximately $23.5 million in various cryptocurrencies, including BNB, ZRX, LINK, BONE, and SNX, to FalconX and OKX, respectively.
Various amounts of these tokens have been converted by Celsius, a move that may be positive for creditors, however could affect the token valuations of those projects.
Celsius Sell Altcoins
search string open Celsius transferred $8.5 million worth of LINK, the native currency of Chainlink, an intermediary protocol that links on-chain smart contracts with external but verified data. At the same time, SNX worth $7.84 million also moved the native token of Synthetix, a protocol that allows users to trade derivatives called synths.
Celsius also moved $3 million worth of BNB, the currency behind the sprawling Binance ecosystem, $2.26 million worth of 1INCH, the token pool, and $1.9 million worth of ZRX, the token to one of the first decentralized finance platforms, Ox. Protocol.
The bankrupt lender also transferred $709,678 worth of FTT, the token behind the crashing FTX exchange, to FalconX. In response, FalconX I started Deposit these tokens to Binance to sell them.
The only token moved to a different exchange was BONE, Celsius moving $235,000 of the meme token to popular cryptocurrency exchange OKX.
While OKX caters to individual and institutional investors, FalconX caters to institutional investors, offering various services, including liquidity provision and risk management. To date, a significant portion of the tokens held by Celsius have been transferred via FalconX.
In late June, Judge Martin Glenn of the Southern District of New York Permissible Percentage to start converting all of their tokens into Bitcoin or Ethereum, the two currencies they will be allowed to pay off their creditors. All transfers are set to start on July 1.
Altcoins took a hit
The transfer also comes amid a positive ruling that the US judge held that XRP, one of the major altcoins, is not a security and can be traded as a commodity, just like Bitcoin. However, despite the pumping news for altcoins, mostly XRP, the momentum waned over the weekend, with most altcoins pulling back from last week’s highs.
Related Reading: XRP Whales Ride The Crypto Surge As Ripple Token Hits 62% Price Spike
Among the affected tokens is BNB, the native cryptocurrency behind Binance, the world’s largest ecosystem. The coin is currently oscillating in the $30 range as price action is dominated by bears. From the daily chart, BNB has resistance at $260 and is down over 30% from its April 2023 high.
LINK and SNX are seeing similar price movements, and both are posting losses on the 24-hour chart. LINK fell 2.97% to trade at $6.63, while SNX incurred a loss of 3.94%, bringing its price to $2.64.
Featured image from Canva, chart from TradingView
