Sell-off of altcoins scheduled for July 1: This company is ready to sell cryptocurrency worth $215 million
Briefly
- Celsius Network intends to convert $215 million in altcoins into Bitcoin and Ethereum on July 1.
- Concerns have been raised regarding the potential effects on market sentiment and price.
- It emphasizes the necessity of regulatory frameworks and investor protection as investors prepare for impact.
One company is getting ready to announce a shocking development that could reverberate throughout the digital currency industry as the cryptocurrency market holds its breath. In an unprecedented liquidation, Celsius Network, a now-bankrupt crypto lender, plans to sell off a staggering $215 million worth of altcoins on July 1.
A larger regulatory crackdown on cryptocurrency in the United States is juxtaposed with the impending sell-off, which could have an impact on the market.
Altcoins Sell-Off Underway
Celsius Network will convert a wide range of altcoins to Bitcoin (BTC) and Ethereum (ETH) as part of this financial maneuver, which was orchestrated in the midst of a stringent regulatory crackdown in the United States.
“Celsius will be selling all altcoins from all customers (except Custody and Withhold accounts) starting July 1st and will be converting them into Bitcoin and Ethereum,” said Celsius.
The altcoins slated for this sell-off include:
- Celsius (CEL)
- Polygon (MATIC)
- Cardano (ADA)
- Chainlink (LINK)
- Litecoin (LTC)
- Polkadot (DOT)
- Bitcoin Cash (BCH)
- Aave (AAVE)
- Binance Coin (BNB)
- Uniswap (UNI)
- Stellar (XLM)
- Solana (SOL)
- EOS (EOS)
- FTX Token (FTT)
- Serum (SRM)
Cryptocurrency enthusiasts are left pondering the fate of their investments as the spotlight shines on Celsius Network’s strategy. How the market will react to the pressure of this massive sell-off and whether it will result in an altcoin crash are important questions.
The impact on specific altcoins, investor sentiment, and broader market trends is as uncertain as anticipated.
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Will Altcoins Crash?
The altcoin portfolio of Celsius Network includes a number of significant assets. The largest of these is Celsius Network’s native CEL token, which is worth approximately $70.5 million.
CEL has suffered badly this year, with its value falling by almost 80.8%. As a result, the upcoming liquidation carries the risk of worsening the situation.
How this sell-off will affect CEL’s future price trajectory and the sentiment surrounding the token as a whole is the most important question for investors.
Polygon is another altcoin under scrutiny. Another heavyweight contender is MATIC, which Celsius Network holds in tokens worth approximately $51.8 million.
The token has proactively declined more than 25% in the previous week. MATIC’s price and market sentiment are currently in jeopardy due to the imminent sell-off.
Cardano is another well-known altcoin that will be affected by the plan to liquidate Celsius Network. ADA tokens worth approximately $26.2 million are held by Celsius Network.
After a recent decline of over 17% as a result of regulatory concerns, the market is eagerly anticipating the impact on ADA’s value.
The sell-off of altcoins will likely have an impact on the wider cryptocurrency market beyond these three tokens. Chainlink, Litecoin, Polkadot, Bitcoin Cash, Aave, and Binance Coin, among other notable altcoins held by Celsius Network, may also face selling pressure. Investors’ faith may therefore be shaken by the outcomes of these sell-offs.
Brace for Impact
It is essential to keep in mind that the market is not a one-way street, despite the fact that this event may appear to be a doomsday scenario for holders of altcoins.
The dynamics of crypto trading are by nature unpredictable, and even a single significant event does not guarantee the market’s future. Therefore, making decisions with the utmost clarity and conducting extensive research is the key to navigating these turbulent waters.
The scheduled altcoin sell-off may ultimately be a turning point in cryptocurrencies’ history, highlighting the significance of robust regulatory frameworks, transparency, and investor protection in the crypto ecosystem.
It remains to be seen whether Celsius Network’s unprecedented action will result in a crash of altcoins or merely a ripple in the vast ocean of cryptocurrencies. But there is one certainty: Watching will begin on July 1.
