In a curious main event development that is keeping markets on their toes, Celsius paid for yesterday 120 million towards Makersignificantly lowering the price threshold of Bitcoin which would entail, for the group, a certain liquidation of positions.
An interesting situation, and in a certain sense a source of relaxation for the markets, with the group which, against all the forecasts of only a few days ago, could start to take the right path towards a potential recovery of solidity, helped also by a situation on the financial markets. $CEL very interesting, because it is linked to an attempt to short press organized.
An unexpected situation that could be partly responsible for the stock market rally during the Asian session. For those who believe this can continue, we have available Capital.com - go here to request a free demo with artificial intelligence included – intermediary that offers us all the most important tools to make analyzes and also to manage orders on 476+ crypto assets which are already present in the price list.
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Celsius repays $120 million in Maker loans
And that's good news, because in reality perhaps very few expected such a solution, and few expected that Celsius she could have raised capital so quickly. Capitals that could surely come from tree in the market of $CELtriggered in part by an organized attempt to short press and that it is paying off, at least for now. Or it could also be a third-party loan that will be revealed in the coming days and hours, although given the poor financial conditions of Celsius we find it hard to think that.
Indeed, we remind our readers that according to rumors FTX would have leaked like hellindicating the presence of a hole beyond 2 billionwhich, among other things, does not emerge from the analysis of wallet related to Celsius itself, with an overall position that could be even more compromised than it appears. In this context, the only data that should be commented on is i 120 million returned in less than 24 hours Allez three different trances towards Makera refund that led to the price level of Bitcoin which would trigger a judicial liquidation at a little less 5 000 $. Prices that even the most pessimistic about the current market situation would never feel possible.
Is Celsius' only debt position at risk?
Absolutely not, and in fact that indicates in 5 000 $ the price of Bitcoin the disaster threshold could be wrong for two reasons. The first is that we cannot be certain of the actual composition of the assets of Celsiuson the other hand because there are still large debts, albeit over-secured, is on the rise Maker both on other platforms, which not only have guarantees Bitcoin.
There is still a debt of Approximately $ 77 milliona position which is however covered by 23 Wrapped Bitcoins. Here the domestic account is relatively simple, since there are only collaterals Bitcoin. The price of the call would be $3 and broken. We're extremely distant and we can consider that a pretty solid position.
there is around $100 million in DAI to be covered, compared to 14 bitcoin offered to cover and the presence of a nevertheless interesting amount of Ethereum. Here too, the price threshold to be reached for a forced liquidation is much lower than the actual prices of the aforementioned cryptocurrencies in the markets today.
Public chat AAV there is the most full-bodied of debt positions present in the “official” portfolio of Celsius. They have in fact been obtained 153 million in USDCas good as 25 million in GO. They are currently covered by 460 million equivalent in STETH (whose price had staggered in recent days and by a significant amount of WBTCFor about 115 million at current values **. Here too, the oversizing is of a significant level and should not cause problems in the short term.
The situation, analyzing just the portfolio in question, might appear salvageable, although we believe there are issues elsewhere – perhaps even off-chain – that must compel us to revert to a healthier attitude of skepticism about positions. of Celsius. THE two billion of the hole we were talking about just a few days ago, are they concrete? Are they real? It will be possible cover them? Or they don't exist and that's the usual FUD which continues to fuel a market crisis from which it seems very difficult to emerge?
All with an additional uncertainty: it seems that the vault in question Maker is to refer to Celsius, but there was never an official confirmation. And despite the fact that many point to the revival of $CEL as the source of the funds used, the doubt remains that in reality much less transparent operations have been made: until the company actually shows what it has done with the support of data and on-chain operations , we remain in the sphere of the purest inferences.
NOTE: the possible liquidation of the positions of Celsius it would have no negative effect on the above three protocols. These are automatic and covered liquidations.