Cryptocurrency Prices Today July 16: Bitcoin trades over Rs 16 lakh

Major cryptocurrencies traded in the green early on July 16. The global crypto market-cap rose by 0.71 percent to $929.85 billion over the last day. The total crypto market volume dropped 9.88 percent to $64.00 billion over the last 24 hours. The total volume in DeFi is currently $6.32 billion which is 9.88 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $58.23 billion, which is 90.99 percent of the total crypto market 24-hour volume. The price of Bitcoin hovered around Rs 16.84 lakh. Bitcoin’s dominance is currently 42.51 percent, an increase of 0.16 percent over the day, according to CoinMarketCap data.

Analysis-Clients of crypto lender Celsius face long wait over fate of their funds

Customers of crypto lender Celsius face a long and anxious wait to know how, when and even if they will get their money back after the company filed for bankruptcy, becoming one of the biggest victims of the collapse in crypto markets this year. Citing extreme market conditions, Celsius froze withdrawals in June in a move that reverberated through the crypto world and beyond, spurring a $300 billion selloff in digital assets and leaving legions of retail investors cut off from their savings. Celsius Network, which is based in the U.S. state of New Jersey, revealed a gaping $1.2 billion hole in its balance sheet when it filed for Chapter 11 bankruptcy in New York this week. Customers should now buckle up for a bumpy ride as they await some clarity over the fate of their money, six lawyers specialising in bankruptcies, restructuring or crypto told Reuters. With scant precedent for bankruptcies at large crypto companies, the prospect of multiple lawsuits against Celsius, as well as the high complexity of any restructuring, the Chapter 11 process is likely to be slow, the lawyers said. "This could last for years," said Daniel Gwen at Ropes & Grey law firm in New York. "It's highly likely there's going to be a lot of litigation." (Reuters)