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Celsius Network Submits a Request To Sell Its Stablecoin Holdings Worth About $23M

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Celsius Network Submits A Request To Sell Its Stablecoin Holdings Worth About $23M
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A bankrupt crypto lending company, Celsius Network, reveals about its file request to sell its stablecoin holdings. All the documents related to the case were submitted to the United States Bankruptcy Court Southern District Of New York. In addition, the lender company states it will sell its both existing and the future stable coins which are yet to come. 

On a clear note, the main intention of this sale by Celsius is to fund its Chapter 11 case, filed 2 months ago. Earlier in Mid July, the crypto lending firm filed a Chapter 11  bankruptcy after the crash of $2 trillion cash. This unbearable case affected a large number of individual investors to face a massive loss at that time.

Now the bankrupt crypto lender, Celsius is waiting for its hearing for the case on October 6th, 2022. As all the relevant documents are submitted to the court, a legal procedure about the stablecoin sale will be discussed.

In addition, the disclosed documents reveal that Celsius possesses almost 11 different forms of stablecoin worth $23 million.  

The Chapter 11 bankruptcy Case of Celsius

The most significant reason for Celsius to get into a trap of liquidity crisis due to the bearish market conditions. Moreover, the crypto lender was tumbling down during the market crash with collapse in all cryptocurrency prices. Specifically, due to the popular TerraUSD and Luna tokens in May.

Thus, when the entire crypto market crashed, Celsius network immediately paused the withdrawals and transfers for its users. As a matter of fact, “halting the withdrawals was difficult but it is necessary” , adds the Celsius team.

Now the sale of the stablecoin case is directed to the Chief U.S. bankruptcy judge, Martin Glenn. More so, as the main intention of this sale is to generate liquidity for Celsius’s operations. So the proceedings of the sale will be directly paid to the company.

Additionally, The U.S Court appoints an independent examiner in Celsius bankruptcy case. In-order to monitor the crypto assets, tax payment systems and to oversee the present state of the mining company to collect further information.

Eventually, the loss is not only to the Celsius network, but also to the other crypto lenders facing a terrible year of 2022. Thus the crash of major Luna community tokens has affected large industry players causing a huge loss in a short period. 

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The First Interactive Web3 Streaming Platform Fireside Expands Into Sports

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The First Interactive Web3 Streaming Platform Fireside Expands Into Sports
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Co-Founded by Falon Fatemi & Mark Cuban, Fireside Taps WWE & NBC Sports Veteran Kevin Endsley to Lead Sports Expansion

SAN FRANCISCO–(BUSINESS WIRE)–Fireside, the first interactive Web3 streaming platform, announces expansion into sports and esports. Co-Founded by serial entrepreneurs, Falon Fatemi and Dallas Mavericks owner Mark Cuban, Fireside is revolutionizing how fans and audiences engage with their favorite athletes, celebrities, and creators through empowering athletes to build the media empires of the future.

Fireside empowers athletes, brands, and sports organizations to launch next generation entertainment networks with a membership model that allows their superfans to have an unparalleled level of access. Unlike traditional media and entertainment platforms that have provided fans with the same static and one-sided content for decades, Fireside offers audiences a truly unique and immersive experience. With Fireside, fans can enjoy behind-the-scenes access to their favorite athletes and stars and enable them to be part of the show in real-time.

To lead its expansion into sports, Fireside has appointed Kevin Endsley as Head of Partnerships for Sports, Gaming & News. Endsley brings to Fireside more than 15 years of experience driving growth for some of the most prominent sports media properties. As VP of Entertainment Relations at World Wrestling Entertainment (WWE), Endsley oversaw the franchise’s numerous sports integrations and managed relationships with leading talent. Endsley also notably led the development and growth of original franchises at Golf Channel, an NBC Sports Group division. In his new position with Fireside, Endsley will oversee strategic partnerships and the recruitment of top sports figures to the platform.

“Sports is so much more than just the game. It’s about the stories, the experiences, the moments and Fireside empowers the athletes to engage with their fandoms in an unprecedented way,” said Fireside CEO & Co-Founder, Falon Fatemi. “Kevin’s experience has been at the intersection of sports, entertainment, and content and deeply understands what it takes to turn athletes, brands, and sports organizations into the studio, networks, and streaming services of the future.”

“Athletes have been helping build other platforms for years, but now it’s time for them to build their own and Fireside gives them that opportunity,” said Endsley. “I am excited to join a company that is trailblazing the path for the next generation of media companies and can’t wait to create incredible partnerships with athletes and sports influencers that will allow fans to experience fandom at a whole new level.”

The company announces its expansion into sports with the launch of several new sports personalities who have joined the platform, including former NFL athletes, fantasy sports experts and sports culture commentators.

Endsley joins Fireside amid a period of rapid growth for the company. Since its launch less than a year ago, dozens of all-star entertainers and creators have launched shows and entertainment networks on Fireside. Currently, Fireside is available on all iOS devices and at Firesidechat.com.

About Fireside

Fireside is co-founded by serial entrepreneur and youngest Googler/YouTuber, Falon Fatemi and Mark Cuban. Fireside is the first interactive Web3 streaming platform that turns creators and brands into the studio, networks, and streaming platforms of the future. Fireside is the first streaming platform that invites audiences not to just view content, but participate in it and empower talent, brands, and organizations to launch next generation entertainment networks with a membership model that gives their super fans a level of access they could only dream of — such as being in the writer’s room. Fireside has already attracted talent like Jay Leno, Melissa Rivers, Craig Kilborn, and the Creator of HBO’s Entourage who are leveraging Fireside to invent new show formats and entertainment networks. The next media empires are emerging on Fireside. For more information or to get access to Fireside, please visit www.firesidechat.com or download Fireside for iOS here.

Contacts

John Eddy

[email protected]

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Systematic Alpha Launches Systematic Alpha Cryptocurrency Arbitrage Fund

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Systematic Alpha Launches Systematic Alpha Cryptocurrency Arbitrage Fund
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MIAMI–(BUSINESS WIRE)–#arbitrage–Systematic Alpha GP, Ltd., an affiliate of Systematic Alpha Management, LLC (“SAM”) which manages the Systematic Alpha Intraday Trading Program, has launched the Systematic Alpha Cryptocurrency Arbitrage Fund trading pure arbitrage in digital assets on major cryptocurrency exchanges.

The Fund started trading in May 2022, employing a proprietary pure arbitrage crypto strategy, which has been traded live using proprietary capital since February 2020. The seed capital for the Fund came from Bequant – an Institutional Prime Broker and Exchange which was recognized by HedgeWeek as the Best Digital Assets Prime Broker in 2022.

The Fund trades exclusively Bitcoin and Ethereum futures and spot, exploiting arbitrage opportunities related to these digital assets trading simultaneously on different cryptocurrency exchanges. Arbitrage is the process of instantaneously buying and selling a financial instrument on different exchanges, in order to make a profit from an imbalance in price.

The Fund engaged top service providers to meet the high operational demands of institutional investors and passed the Operational Due Diligence performed by a London-based award-winning ODD service provider. Earlier this year, the Fund signed a Term Sheet with an institutional client for a $17m allocation.

“Ultra-low latency execution and rock bottom transaction costs are essential to capture the arbitrage opportunities in digital assets and to compete with our rivals,” noted Peter Kambolin, SAM’s CEO.

While some managers claim to trade arbitrage strategies, very few are trading pure arbitrage. Looking at the daily returns is a good exercise to verify the quality of an arbitrage strategy. “In our case, we rarely have a down day, and what’s more exciting is that our returns have actually accelerated in September,” noted Peter Kambolin. “While the strategy does have a limited capacity, there is still an opportunity for investors to get exposure to our fund.”

In 2019, SAM was recognized by CTA Intelligence US Performance Award as the Best CTA Cryptocurrency Fund. In 2014, SAM was the winner of CTA Intelligence US Performance Awards as the Best Short Term Trader. In 2013, SAM won the Pinnacle Award as the Best Diversified CTA under $500m AUM. In 2012, SAM won the HFM Week US Performance Awards as the Best CTA under $250m AUM and in 2009 it won the HFM Week US Performance as the Best CTA Newcomer.

Contacts

Inquiries: Kathy Sanchez, Director of Operations

[email protected]

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FTX Branded Visa Debit Cards in 40 Countries –  Crypto Adoptions Are Surging!

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Ftx Branded Visa Debit Cards In 40 Countries - Crypto Adoptions Are Surging!
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As the entire market is witnessing a bearish scale at present, some financial giants are initiating challenging tasks in the crypto industry. Witnessing, digital currencies becoming the future, the payment giant – Visa is building a bridge into crypto space. Further the active engagement of the users in crypto made Visa to partner with FTX, a popular cryptocurrency exchange in the market. 

Being on trend, Visa reveals its exciting global partnership to offer crypto debit cards around 40 countries in the world. Being at high risk with a bear market, Visa is betting that crypto users are very eager to spend digital assets on every purchase!

Moreover, Visa’s target markets are Latin America, Europe and Asian countries. In addition, the usage of crypto cards is already existing in the U.S market. So it automatically links directly to the respective user’s FTX account. 

How does the VISA crypto cards work?

To be honest, the launch of crypto debit cards has made the purchase process even more simpler. The new VISA debit card is directly linked to the user’s FTX accounts. So users can just pay as they purchase with their FTX crypto balances. As a special advantage, the card is accessible round the clock, 365 days without any processing fees.  

There are some talks around the town saying this offer is introduced due to the massive price fall of Bitcoin (BTC). According to CoinMarketCap, the current value of BTC is $19,648.66, dipping down 2.49% in the last 24 hours.

Additionally as a smart strategy, Visa is moving its coin in the bear market. Thereby initiating  over 70 crypto partnerships into the digital space. Even more, Visa’s marketing strategy made it successfully associate with world’s top exchanges like Binance and Coinbase. 

Furthermore, respecting the partnership with FTX, the Vice President and Head of crypto at Visa, Cuy Sheffield shares, 

“Through this long term global partnership, Visa is joining hands with FTX, one of the most innovative crypto exchanges. Moreover, Crypto is a community-driven space. So it is not easy to deliver the best crypto experiences on our own.”

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Bitcoin Crashes To $19,6k And Takes Liquidity, Ready To Bounce?

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Bitcoin is retracing after a rejection north of critical resistance at around $20,000 and might be gearing up for a fresh leg down into its final support level. The crypto was seeing some profits earlier this week, but any bullish momentum has been wiped out by macroeconomic forces.

At the time of writing, Bitcoin (BTC) trades at $19,600 with a 2% loss in the last 24 hours and sideways movement across the week. The rest of the crypto market is following the sentiment in the crypto market proving that, once again, any potential rally is capped by the bigger picture.

BTC’s price crashing on low timeframes. Source: BTCUSDT Tradingview

Bitcoin Takes Out Leverage Longs, Time For A Squeeze?

According to analyst Justin Bennett, Bitcoin made a downside run towards $19,600 and a bit lower to remove leverage players from their positions. The cryptocurrency often moves in the opposite direction of the majority of traders and makes a run for the liquidity pools created by over-leverage positions.

In this case, retail traders might have jumped into the bullish price action experienced this week by taking longs in hopes of further appreciation. Bennett believes that with these players out of the way, the market might be readying for a bounce:

BTC long liquidations run at $19,600, as mentioned yesterday in Discord. Now probably time for a bounce back to $20,500. Just trading both sides of the range for now.

In general, Bennett has been bullish on Bitcoin and will maintain this biased as long as BTC’s price stays above $18,700. This price is the bottom of a potential channel created by the cryptocurrency over the past months.

The recent price action has been hinting at a longer relief rally into the $26,000 area. In the short term, with leverage longs out of the game, it might be time to squeeze out the shorts. The analyst added:

I still think it’s only a matter of time before we see short liquidations run between $20,450 and $20,800. Just playing the range for now.

Macro Forces Push Down Crypto Market

What prompted Bitcoin to crash from its weekly high? A pseudonym trader believes it was the recent data on Job numbers in the U.S. economy. This report might provide the U.S. Federal Reserve with support to continue hiking interest rates to take down inflation, and risk-on assets with it as a consequence.

As reported by NewsBTC, the Fed’s monetary policy has been costly for equities and the crypto market moving in tandem with these assets Now, the Job numbers are telling the financial institution that it can keep on applying pressure to the markets.

However, this trader believes the recent price action has switched back to sideways mode, and that Bitcoin might avoid any catastrophic downside price action, for the time being. Via Twitter, this trader said:

This puts us back in the middle of the eternal 18.5-20.5K area and because of this we’re quite a way out from any break out, be it up or down. Unless something special happens I’d say it’s likely we stay within this area roughly until at least the CPI number next Wednesday.

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Shiba Predator Cracks Double-digit Gains, How Far Can Price Go?

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Shiba Predator Cracks Double-Digit Gains, How Far Can Price Go?
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  • QOM price continues with strong momentum after a breakout with double-digit gains for holders. 
  • QOM trades just above key resistance as price ranges above 8 and 20-day EMA.
  • The price of QOM struggles to flip key resistance into support. 

Shiba Predator (QOM), a recently loved memecoin on the Ethereum (ETH) network, is tipped to outperform Shiba Inu and other memecoin after showing great rallying to a high of $0.0000004, winning the heart of many after a few months’ surge but could be set to replicate this move. All indicators and patterns are showing the price of Shiba Predator (QOM) could be ready for a rally.

Shiba Predator (QOM) Price Analysis On The Weekly Chart.

Despite struggling to break above $0.0000000445 in recent weeks, the price was rejected and has continued in a range-bound movement as the price prepare to trend higher to a region of $0.00000007. QOM’s price found its weekly support at $0.0000000440 after the price dropped by over 70% in the past few weeks, as the current market has not given QOM the space to trend. 

There is no doubt that the price of QOM will show great strength when the current state of the market recovers from its bearish mode. QOM continues to range with little volume to break out of this structure as the price rallied with a gain of 17%.

After seeing its price retesting a weekly low of $0.0000000440, the price of QOM rallied recently to a region of $0.0000000750 but was rejected in an attempt to break higher for the price to trend. The price of QOM has maintained a range-bound movement for some time now and could be set for a major rally. 

Weekly resistance for the price of QOM – $0.0000000750.

Weekly support for the price of QOM – $0.0000000440.

Price Analysis Of QOM On The Daily (1D) Chart

Daily QOM Price Chart | Source: QOMUSDT On Tradingviw.com

On the daily timeframe, the price of QOM continues to show strength as the price pulled a 17% gain despite the market looking to have stalled in price movement. QOM aims to rally to a high of $0.0000000750 after a successful breakout from a range channel that its price formed. 

The price of QOM currently trades at $0.0000000400, just above the 8 and 20-day Exponential Moving Average (EMA). The price at $0.0000000390 corresponds to the price at 8 and 20-day EMA for QOM on the daily timeframe.

QOM’s price needs to hold this region of $0.000000045 with good volume for the price of QOM to push the price higher to a region of $0.0000000770. 

Daily resistance for the FLOKI price – $0.0000000770.

Daily support for the FLOKI price – $0.0000000400.

Featured Image From Zipmex, Charts From Tradingview 

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Relictum Ecosystem Has Presented a Road Map of Burning GTN Tokens

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Relictum Ecosystem Has Presented A Road Map Of Burning Gtn Tokens
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The team has taken the decision to burn 5,000,000,000 GTN, which is 50% of the initial emission. The first 5,000,000,000 GTN were burnt on 15 September 2022, which was 20% of the initial emission. The second burn took place on October 1, 2022 in the amount of 375,000,000 GTN tokens.

  • The hash of the first burning transaction (2 000 000 000 GTN) 
  • The hash of the second burning transaction (375 000 000 GTN) 

The following 3,000,000,000 GTN will be burnt during next 2 years, 375,000,000 GTN each quarter. 

  • 1 October 2022 – 375 mln GTN
  • 1 January 2023 – 375 mln GTN
  • 1 April 2023 – 375 mln GTN
  • 1 July 2023 – 375 mln GTN
  • 1 October 2023 – 375 mln GTN
  • 1 January 2024 – 375 mln GTN
  • 1 April 2024 – 375 mln GTN
  • 1 July 2024 – 375 mln GTN

Also GTN token has been listed on the LBank exchange🚀

The Relictum team is preparing hot news and events, which you can follow in the social networks of the project:

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

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