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The bitcoin price has rebounded 20% since crashing to a low of under $18,000 per bitcoin last week, with ethereum and other top ten cryptocurrencies BNB
Now, reports have emerged Wall Street giant Goldman Sachs is looking to raise $2 billion to snap up the assets of embattled crypto lender Celsius which has been hard hit by the $2 trillion bitcoin and crypto crash.
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Goldman Sachs has begun tentatively dipping its toes into the world of crypto in recent years amid a … [+]
Goldman Sachs is soliciting crypto funds and traditional financial institutions as part of the deal that could see it buy Celsius’ crypto assets at a discount, it was first reported by Coindesk, with Blockworks adding the deal could happen even if the lender does not declare bankruptcy, citing anonymous sources.
“Goldman didn’t want to buy into the top of the market,” one source told Blockworks. “This is more their style.”
Celsius, which had $12 billion in assets under management as of May of this year, has been teetering on the brink of bankruptcy after suspending user withdrawals from the platform earlier this month, citing “extreme market conditions” and exacerbating a crypto price crash that sent bitcoin spiraling under $20,000.
Celsius has hired restructuring advisors Alvarez & Marsal, it was earlier reported by the Wall Street Journal, adding to previous reports Citigroup
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The bitcoin price has climbed off its recent lows, helping ethereum, BNB, XRP, solana, cardano, and … [+]
The Celsius meltdown, coming hot on the heels of the collapse of the terraUSD stablecoin its support coin luna, has sparked fresh calls for better crypto market and crypto company regulation.
“I suspect after the recent events with Celsius that the U.S. will provide more clarity soon, on regulation towards custodial providers and lenders, to bring more stability to the crypto space,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an emailed note.
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