Celsius Network pulled its bitcoin liquidation price below $5,000 by repaying a total sum of $120 million to Maker today.
Celsius Network paid off another $120 million towards its Bitcoin loan on Maker in the last 24 hours.Within the last 24 hours, Celsiusof its debt owed to decentralized lending protocol Maker across three transactions.
Celsius, a centralized lending firm currently facing a severe liquidity crisis, had previously borrowed hundreds of millions on Maker usingBy paying down its Maker debt, Celsius has de-risked its loan position from potential liquidation. In decentralized finance, liquidations occur when traders cannot repay their loans on time, and the protocols automatically sell their collateralized assets.As the price of bitcoin dropped recently, Celsius faced a heightened risk of liquidation.
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