Cryptocurrency lending platform Celsius will withdraw its $470 million bet on Ethereum amid restructuring efforts. The news has raised concerns in the market, as some investors fear that the move could negatively affect the price of Ethereum.
The move comes after Celsius paid $41.2 million to Maker Protocol, a decentralized finance (DeFi) platform, to settle all of its debts. Although the move can be seen as a positive sign that Celsius is taking steps to restructure, some investors are concerned about the impact the Ethereum bet withdrawal could have on the market.
Celsius has been one of the most popular cryptocurrency lending platforms on the market, attracting many investors due to its high interest rates. However, the platform has come under scrutiny in recent months due to concerns about its business model and its ability to maintain its high interest rates.
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