Bitcoin falls more than 2% – Celsius asks U.S. court to sell stablecoin to support its business

The bitcoin price fell 2.17% today (September 16) to $19,716.75.

Bitcoin prices moved into negative territory this morning after the Dow Jones fell 173 points on Thursday (Sept. 15) as investors watched U.S. economic data that could indicate the direction of interest rates from the Federal Reserve (Fed).

  • The Dow Jones Industrial Average fell 173.27 points, or 0.56%, to close at 30,961.82.
  • The S&P 500 fell 44.66 points, or 1.13%, to close at 3,901.35.
  • The Nasdaq fell 167.32 points, or 1.43%, to close at 11,552.36 points.

Celsius Network, one of the largest cryptocurrency lending platforms in the world, filed a lawsuit in the U.S. District Court for the Southern District of New York asking the court to approve the sale of stablecoins owned by the company to raise funds for its operations.

On July 13, Celsius filed a petition with a U.S. court to being placed into receivership under Section 11 of the Bankruptcy Code after the company was hit hard by volatility in the cryptocurrency market.

On August 17, a U.S. bankruptcy court granted Celsius the ability to mine and sell Bitcoins while Celsius is in bankruptcy. However, the court will not allow Celsius to sell stock or debt invested in other crypto companies until there is sufficient information about the assets the company intends to write off.

Celsius currently owns 11 types of stablecoins with a total value of about $23 million. Celsius is one of the crypto companies hurt by the collapse of the TerraUSD (UST) stablecoin. It fell below the $1 value held against the U.S. dollar in May last year.

In addition, the U.S. Federal Reserve’s accelerated rate hike and recession worries sent global equity markets tumbling, and the crypto market also saw a sell-off.

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