Celsius Network Pays off Another $40.8 Million Bitcoin Loan, Liquidation Price Hits $2,722.06

Following a $114 million bitcoin loan repayment yesterday, Celsius repaid another $40.8 million on its bitcoin loan. Yesterday, as per the data received from DeFi Explore, Celsius repaid $50 million towards its Bitcoin loan. Exactly 3 hours and 25 minutes later, the crypto lending platform paid back a $64 million Bitcoin loan. The WBTC-A vault 25977, owned by Celsius, is now tagged as low risk.

Celsius’s liquidation price hits $2,722.06

The liquidation price now stands at $2,722.06. Yesterday the liquidation price was $8,838.57 when Celsius paid off a $50 million BTC loan and it fell to $4966.99 when it paid another $64 million. With the latest $40.8 million payment towards its BTC loan, the liquidation price almost dropped to half of what it was yesterday.

Celsius paid off Aave’s debt of $50 million on June 3. Recently, Celsius has been steadily reducing its collateral and paying off debts. The platform looks to be making an effort to restructure its liabilities.

The cryptocurrency lending platform appears to have been involved in reducing speculation as it tries to soothe investor concerns. In the past 48 hours, Celsius Network has paid a combined total of $154.8 million towards its bitcoin debt.

Over 22 days have passed since the platform’s activities were halted. As a result of being unable to access their funds, many investors are waiting for a break in the clouds. It is still unknown when all of the activities will restart.

As the whole market seems to be slightly trading in the green, the Celsius token is also displaying the same growth. CEL is currently trading at $0.9284 with a 2.94% spike in the last 24 hours. CEL displayed 15.3% growth in the last 30 days and 23.4% growth in the last 7 days.

Despite the financial turmoil, Celsius was still paying weekly rewards to its users. But the rewards can’t be withdrawn as the activities are still halted on the platform.