An independent examiner has revealed shocking details surrounding the inner workings of Celsius – a crypto lender that filed for bankruptcy in July 2022. The examiner claimed that Celsius did not operate by the business model that it presented to customers. He likened it to a Ponzi scheme, much like FTX – a company that happened to have used the same accounting software: QuickBooks. The Truth About CEL Token Per a filing from examiner Shoba Pillay on Tuesday, Celsius had…
Traditional Assets
Crypto Is Fundamentally Flawed As A Currency, Says UBS Economist
With investors losing faith in fiat currencies and traditional payment systems, many argue that cryptocurrency, particularly bitcoin, is a viable replacement, and it has changed the concept of money. Some companies worldwide are already accepting crypto payments. Even PayPal has integrated cryptocurrencies like Bitcoin and Ethereum into its payment network and is set to allow customers to use them for purchases later this year, a move that could foster mass adoption. Crypto Not A Proper Currency However, Paul Donovan, chief…
2 years ago 
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Bitcoin Seems Correlated with Crude Oil, is Trouble Imminent?
On April 20, crude oil incurred a momentous price decline by 99 percent. This unexpected decline increased the difficulties posed by the coronavirus pandemic. The difficulties are more in nations where fuel is 90 percent of all exports. Due to correlation among traditional assets, the swift decline affected gold and SPX. However, when we examined the cryptocurrency markets, it was discovered that on the same day, Bitcoin incurred a 4.9 percent decline. Bitcoin experienced rejection at $7.2k price level. As at the time…
3 years ago 416 views