Daily Times

Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, rising by 0.93pc to $21,420.15 as of 8:10 a.m. Riyadh time. Ethereum, the second most traded cryptocurrency, was priced at $1,237.88, rising by 1.38pc, according to data from Coindesk. The Wall Street Journal reported Friday that Celsius Network LLC hired restructuring experts from Alvarez & Marsal to advise on a potential bankruptcy filing. Early this month, the New Jersey-based cryptocurrency lending company froze withdrawals and transfers due to “extreme” market conditions. CoinDesk reported that Goldman Sachs plans to raise $2b from investors to buy Celsius’ distressed assets. If the cryptocurrency lender files for bankruptcy, investors can buy the assets at potential discounts, according to a report citing two sources. As of last month, Celsius had assets worth $11.8b. Investors have dumped risky assets amid fears that rate hikes could plunge the economy into recession, leading to extreme volatility in digital assets in recent months.