Crypto Market Update: Bitcoin Declines Below $63K, Telegram CEO’s Potential Release, and Celsius Distributions

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CoinDesk 20 Index: 2,004  −3.5%
Bitcoin (BTC): $62,471  −2.4%
Ether (ETH): $2,632  −4.1%
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Bitcoin has experienced a notable decline, dipping below the $63,000 mark as traders opted to secure profits following a weekend rally in the crypto market. Currently, BTC is trading just under $62,500, reflecting a drop of over 2.4% in the last 24 hours, with the broader crypto market also down by 2.15%. According to QCP Capital, a trading desk based in Singapore, there has been a marked increase in call spread buying while simultaneously observing the selling of bitcoin calls at the $100,000 level. This strategy suggests an overall bullish sentiment, albeit with no significant surges anticipated in the short term. “BTC and ETH volatility is presently skewed more towards puts than calls until October,” stated QCP in a recent Telegram update. “This is unexpected given the prevailing bullish sentiment, which may indicate that the market was well-prepared for this adjustment and acted swiftly to take profits by offloading calls.”

In other news, Telegram CEO Pavel Durov could be released as early as Wednesday, according to French prosecutors. However, predictions on Polymarket suggest that bettors are less optimistic about his release occurring this month, with many forecasting a potential release in September instead. It’s important to note that Durov has not been formally charged at this point; he is currently detained as part of an investigation related to alleged crimes planned or disseminated via Telegram, including serious offenses such as money laundering, drug trafficking, child pornography, and non-compliance with law enforcement. Bettors currently assign a 72% probability that he will be released before October, with shares on the affirmative side trading at 72 cents. Each share is set to pay out $1 in USDC, a stablecoin, if the prediction holds true, and $0 otherwise.

Furthermore, the administrator of bankrupt crypto lender Celsius has announced the distribution of over $2.53 billion to approximately 251,000 creditors, as detailed in its initial status report on the disbursements. These payouts represent around two-thirds of all eligible creditors by number and an impressive 93% of the eligible value. However, another 121,000 eligible creditors, who are expected to receive an average distribution of roughly $1,500, have yet to claim their distributions successfully. The filing noted, “Approximately 64,000 of these remaining creditors have a distribution amounting to less than $100, and an additional 41,000 have distributions between $100 and $1,000.” It further highlighted that due to the relatively small amounts involved for many of these creditors, they may lack the motivation to undertake the necessary steps to claim their distributions.

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