$3 Billion of Distributions Commences as Celsius Historically Crawls out of Bankruptcy
Well I’ll be damned. 18 months down the road after Celsius paused withdrawals, it finally snaps out of what seemed an ever-lasting Chapter 11 Bankruptcy. Despite initial scepticism around its ability to recoup funds to investors, 98% of creditors approved the bankruptcy exit plan.
As of February 1, Celsius has begun distributing over $3 billion in funds to its creditors. Christmas may have come early for many!
If you happen to be a victim of the Celsius saga and are expecting distributions, a clear plan will be rolled out in the coming weeks. You can find more information on the FAQ here.
Tether turns on the printer with a record-breaking $2.85B profit in Q4
Tether, the stablecoin issuer behind USDT, has reported a record-breaking net profit of $2.85 billion in Q4 2023, driven by substantial earnings from U.S. Treasury securities known as T-bills. The Q4 figure takes their total 2023 profit to $6.2B…
Let’s have a look at the chart real quick and out what this means for the next few months!
We can see that the rise of USDT (Tether) market capitalisation generally indicates an increase in demand for stablecoins and potentially reflects growing interest or activity within the cryptocurrency ecosystem. As USDT is a stablecoin pegged to the US dollar, its market cap expansion could signify increased trading activity and liquidity in cryptocurrency markets. Traders often use USDT as a safe haven or trading pair against other cryptocurrencies, facilitating seamless transactions and arbitrage opportunities.
Back to how much money Tether made: Let’s put this type of mighty profit into perspective… Tether made more money than Wall St giant Goldman Sachs last year with a workforce of less than 100 people! Crypto Gains for the win.
One of Solanas’s Largest Airdrops goes live… with no breakdowns!
Hard to say what is more impressive… The sheer size of this $700 million Jupiter ($JUP) airdrop or the fact that Solana was able to handle the sharp spike in volume and activity without breaking a sweat.
After multiple network outages over the years, it’s warming to see it get put to the test and deliver a demonstration of its readiness for the influx of the masses as a reliable, usable and healthy chain.
Even Jupiter’s own developers were on the edge of their seats about the fact that airdrop could wreak havoc on the system’s performance.
Unfortunately for the coin, most of this volume came in the form of sales, as airdrop recipients looked to capitalise on their free tokens as the price fell 60%.
BTC Where to next?
Bitcoin needs to retest US$45,000 and break through it in order to move forward. It is currently in consolidation, nestled in comfortably in a zone waiting for new news to enter the markets and ruffle some feathers.
Looking at the chart below we can see the expanding wedge pattern on the larger timeframe with the range highs at US$49,000 (Acting as resistance) and range lows at $38,500 (acting as support).
The FED announced yesterday that interest rates will remain stable which signals its stance on monetary policy stability creating confidence within the economic environment.
It’s similar to saying “We’re not making any big changes right now because things seem to be going okay”… Music to an investor’s ears. This is a significant contributor to Bitcoin’s recent climb.
Now does this mean bull-marked engaged? Not necessarily straight away, but it does set up a primed mid-term environment for crypto to flourish if the rates remain stable and eventually begin to fall later this year.