As the crypto market is gradually recovering, news comes to change everything. Reference is made to the massive liquidation of Celsius Network scheduled for day 1er July. This event could indeed have a major impact on the crypto market. And according to one analyst, altcoins are in particularly bad shape.
The massive liquidation of Celsius Network
Celsius Network is a crypto lending and interest earning platform. Often at the heart of scandals, he plans to liquidate a colossal $215 million worth of altcoins from July 1.
As explained on the account Twitter of Celsius Network, this measure aims to convert some altcoins to bitcoin and ethereum. And according to some analysts, the altcoins that could be affected by this liquidation are:
- CEL,
- MATIC,
- ADA,
- LINK,
- LTC,
- DOWRY,
- BCH,
- AAVE,
- BNB,
- UNITED,
- XLM,
- FLOOR,
- EOS,
- FTT,
- SRM.
What consequences for the altcoin market?
The massive liquidation of Celsius Network raises concerns about its impact on the altcoin market. A sale of this magnitude could indeed result in a generalized negative feeling. Some crypto analysts even fear an altcoin crash.
That’s not all ! Investors also fear the repercussions of this measure on bitcoin (BTC) and Ethereum (ETH).
The crypto market nevertheless remains complex
All investors know it well: the crypto market (including that of altcoins) is subject to complex variables. Certainly, the massive liquidation of Celsius Network is worrying. However, it should be kept in mind that other factors influence the market. In particular, reference is made to:
- the growing adoption of cryptocurrencies,
- regulatory news,
- world events.
Volatility is also an inherent characteristic of the market. A single sale cannot predict all of its behavior. “Investors need to be aware of these factors and make informed decisions”says Sylvain Aig.
Sylvain Aig’s statement remains a simple analysis. We’ll know soon enough the real impact of the massive liquidation of Celsius Network in the altcoin market.
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