Bitcoin, ethereum and other big cryptocurrencies rebounded from a huge market crash this month (which some say could reveal future tech giants).
Bitcoin’s price has rebounded 20% since crashing to below $18,000 per bitcoin last week – despite a grim warning from China – with ethereum and other cryptocurrencies among the top ten raw
Wall Street giant Goldman Sachs is reportedly seeking to raise $2 billion to buy the assets of struggling cryptocurrency lender Celsius, which was hit hard by the latest bitcoin and crypto crisis. -currencies.
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Goldman Sachs has started timidly dipping its toes into the cryptocurrency world in recent years, amid… [+] huge boom in bitcoin, ethereum, BNB, XRP, solana, cardano and dogecoin prices.
Goldman Sachs is soliciting crypto funds and traditional financial institutions as part of the deal which could see it buy Celsius’s crypto assets at a discount, it was first reported by Coindesk, with Blockworks adding that the deal could happen even if the lender does not declare bankruptcy, citing unnamed sources.
“Goldman didn’t want to buy at the top of the market,” a source told Blockworks. “It’s more their style.”
Celsius, which managed $12 billion in assets in May this year, was on the verge of bankruptcy after suspending withdrawals from users of the platform earlier this month, citing “extreme market conditions” and exacerbating a cryptocurrency price crash that took bitcoin below $20,000.
Celsius has hired restructuring advisers, Alvarez & Marsal, as The Wall Street Journal previously reported, adding to earlier reports that CitigroupC
was tasked with advising on possible solutions.
Goldman Sachs’ bid for Celsius’ crypto assets is expected to restore some degree of market confidence after traders were rattled by the pace of bitcoin, ethereum and cryptocurrency selling.
“Even so, now may not be the best time to buy, as it may be a long time before the cryptocurrency market digests the recent turmoil and enters a new phase of sustained market demand. from broad segments of investors, not just stressed-out asset hunters,” Alex Kuptsikevich, principal market analyst at FxPro, said via email.
Bitcoin price moved off its recent lows, helping ethereum, BNB, XRP, solana, cardano and… [+] dogecoin rally.
The collapse of Celsius, which closely follows that of stablecoin terraUSD and its supporting coin luna, has sparked renewed calls for better regulation of the cryptocurrency market and cryptocurrency companies.
“I suspect, after the recent events with Celsius, that the US will soon provide more clarity, on regulations towards custodial providers and lenders, to bring more stability to the crypto space,” wrote Marcus Sotiriou, an analyst at UK-based digital asset broker GlobalBlock, in an emailed note.