Will BTC and ETH Surge as Celsius Begins Altcoin Conversions?

• Celsius recently got the go ahead to convert its altcoin to Bitcoin and Ether.
• The entity had a very diverse portfolio of altcoins which they have just begun to convert.
• The crypto community is mildly aware of how this could perhaps lead to price fluctuations.

Celsius has begun its altcoin asset conversion to that of either Bitcoin (BTC) or Ether (ETH). Following Celsius’s demise, the entity went through a harrowing journey of filing for bankruptcy. After this it was important for the entity to get the approval of a judge to take its next steps. 

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According to the judge overseeing its bankruptcy proceedings, it finally gave Celsius the green light it needed for its next step. In detail, this next step meant Celsius could begin converting its altcoin holdings into Bitcoin or Ethereum.

Going back to that hearing, Celsius had $215 million worth of altcoin that they could begin converting to BTC and ETH. As for the altcoins it held, Celsius was holding assets such as Cardano (ADA), Polygon (MATIC), and Solana (SOL), to name a few. As for how much of these assets it held, it is 103 million ADA and 161,000 SOL, amongst others.

Finally, Celsius has begun making its conversion. According to Lookonchain, Celsius began selling the following altcoin: LINK, SNX, BNB, 1INCH, ZRK, FTT, BONE. In detail, this amounts to $8.5 million LINK, $7.84 million SNX, $3 million BNB, $2.26 million 1INCH, $1.9 million ZRX, $713,000 FTT, and $235,000 BONE.

The tweet also adds that all assets were transferred to FalconX with the exception of BONE that was deposited into OKX. Responses to the tweet shows how the crypto community is spending time analyzing the transfers. 

So far, no one seems to think these transfers will heavily affect the value of most assets in the crypto market. Instead, many responses share their appreciation for Celsius’ impressive diverse crypto asset portfolio. Another response highlights the platform’s dedication to the BNB ecosystem instead.

Read Also

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• Celsius Gets Green Light to Convert 170M Altcoins to BTC and ETH
• Massive BTC to ETH Conversion by Lisk: Is ETH Set to Reach $3k?
• Celsius Clients Gave up Legal Rights to Their BTC: US Judge