Celsius Accepts Fahrenheit Bid, Multichain Uncertainty Impacts Fantom
May 26, 2023
Market Update Stocks and crypto rebound after a week of negative price action amid optimism of a potential U.S. debt ceiling deal. The S&P is up 1.2%, while the Nasdaq gained 2.3%. $BTC and $ETH are up 2.1% over the last day. The top two cryptos are seeing near 5-year lows for supply held on exchanges, indicating optimism and demand from users that want to own and use assets on their respective networks. Conversely, when there is an increase in the number of cryptocurrencies deposited to exchanges, it is considered a negative indicator, implying that investors plan on using these platforms to sell off a portion of their holdings. Ethereum has seen demand for staking increase after recent upgrades enabled withdrawals, while Bitcoin sees a rise in on-chain activity from demand for Ordinal related tokens and NFTs. Render's $RNDR led the top 50 in gains this week (+18.7%), with continued bullishness that it's decentralized GPU processing stands to benefit from the rise of the metaverse and AI. The Fahrenheit consortium, including Arrington Capital and U.S. Bitcoin Corp., has emerged as the winner in the auction for the assets of insolvent crypto lender Celsius. The consortium will take control of Celsius's institutional loan portfolio, staked cryptocurrencies, mining units, and a