Bitcoin has risen above $20,000 thanks to the exit of the DeFi industry from the crisis
The publication of US annual inflation data was the main event of yesterday's session. Despite a new record of growth in American consumer prices and the subsequent fall in global stock markets, Bitcoin was able to grow above $ 20,000.
Crypto investors paid more attention to internal news, the last of the culprits of the non-payment crisis in the DeFi industry filed for bankruptcy.
The management of Celsius took advantage of the 11th article of the US Federal Law, which allows to obtain protection from claims of creditors in the event of voluntary bankruptcy. The filing of the lawsuit was confirmed by several business news agencies at once, but representatives of the company have not yet given comments to journalists.
Celsius is entering the stage of financial restructuring with a new team of lawyers from Kirkland & Ellis LLP, which is leading the case of the Voyager crypto broker, another major victim of the DeFi crisis, affected by the non-repayment of debt by the hedge fund Three Arrows Capital.
The Fund, in turn, is also going through bankruptcy proceedings, but without the participation of the owners. The Manhattan court placed the company's property and assets in the hands of a bankruptcy trustee from the Teneo consulting agency, due to the unknown location of the Three Arrows Capital management.
Thus, by Wednesday evening, virtually all the main culprits of the DeFi crisis went through bankruptcy proceedings. Their assets and financial holes will be disclosed publicly, which will remove uncertainty and "untie the knot" of the non-payment crisis.
A positive solution to the problem should restore confidence in the DeFi industry and the money of investors who withdrew $200 billion of TVL investments from smart contracts and pools during the crisis. The industry lost 70% of investments in May and June.
https://coin-signal.com/cryptonews/bitcoin-has-risen-above-20000-thanks-to-the-exit-of-the-defi-industry-from-the-crisis/
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